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Current HELOC & Home Equity Loan Rates: December 13, 2024—Rates Are Mixed

  • Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes.
  • A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments.
  • A home equity line of credit is a variable-rate second mortgage that draws on your home’s value as a revolving line of credit.
  • A 5-year term offers a shorter repayment period with typically higher monthly payments, while a 30-year term maximizes affordability with the lowest monthly payments.

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