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Home equity is near a record high. Tapping it may be tricky due to high interest rates

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Rates down | Mortgage rates for today.

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Skip to Main Content Banking All Banking Checking & savings CDs Money market Banks Explore all banking resources  Banking Mortgages All Mortgages Purchase Refinance Real estate Explore all mortgages resources  Mortgages Investing All Investing Investing Retirement Financial advising Explore all investing resources  Investing Credit cards All Credit cards Cards by category Cards by credit Tools & reviews Guides & resources Explore all credit cards resources  Credit cards Loans All Loans Personal loans Auto loans Student loans Small business loans Explore all loans resources  Loans Home equity All Home equity HELOC Home equity loans Explore all home equity resources  Home equity Insurance All Insurance Auto insurance Home insurance Life insurance Explore all insurance resources  Insurance Submit TODAY'S MORTGAGE RATES   Written by   Andrew Dehan Share on social media The Bankrate promise At Bankrate we strive to help you make smarte...
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HOME EQUITY LINE OF CREDIT

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Grace Cary | Moment | Getty Images A home equity line of credit, or HELOC, is typically the most common way to tap housing wealth, Hepp said. A HELOC lets homeowners borrow against their home equity, generally for a set term. Borrowers pay interest on the outstanding balance. The average HELOC has a 9.2% interest rate, according to Bankrate data as of June 6. Rates are variable, meaning they can change unlike with fixed-rate debt. (Homeowners can also consider a  home equity loan , which generally carries fixed rates.) For comparison, rates on a 30-year fixed-rate mortgage  are around 7% , according to Freddie Mac. More from Personal Finance: Buying a house of 'Home Alone' or John Lennon fame? Expect a premium A 20% down payment is 'definitely not required' to buy a house What to expect from the housing market this year While HELOC rates are high compared with the typical mortgage, they are  much lower  than credit card rates, Elliott said. Credit card holders with a...
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Australia's housing divide masks real interest rates pain

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