Daily HELOC rates on November 14, 2024: Rates are still falling (original) (raw)

Published 10:00 a.m. UTC Nov. 14, 2024

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The average rate on a $100,000 home equity line of credit (HELOC) is 8.52% if you have a loan-to-value (LTV) ratio of 60%, 8.71% if your LTV ratio is 80% and 9.63% with a 90% LTV ratio.

Today’s HELOC rates

*Data accurate as of November 13, 2024, the latest data available.

Here is the average annual percentage rate (APR) for a $100,000 HELOC at different LTV ratios — 60%, 80% and 90%.

HELOC rates: 60% LTV ratio

The HELOC rate today for a borrower with an LTV ratio of 60% sits at 8.52%. This means it's fallen from 8.61% last week, according to data from Curinos. Last month, the rate was at 8.72%.

HELOC rates: 80% LTV ratio

The average HELOC rate if you have an LTV ratio of 80% fell to 8.71% from 8.80% last week, according to data from Curinos. This is down from last month's 8.91%.

HELOC rates: 90% LTV ratio

Today’s average HELOC rate is 9.63% with a 90% LTV ratio which is slightly lower than 9.73% last week, according to data from Curinos. This is a decrease from last month's 9.82%.

Before you borrow, compare the best HELOC lenders

Frequently asked questions (FAQs)

A good HELOC rate is generally considered to be a rate lower than the national average — 9.00% today. Keep in mind that the better your credit and income are, the lower your rate could be.

Note that HELOC rates also usually go up if the Federal Reserve raises the federal funds benchmark rate.

During the COVID-19 pandemic, many banks stopped offering HELOCs due to uncertainty surrounding the economy. However, numerous banks have resumed offering HELOCs to customers today.

There are many reasons why you might not qualify for a HELOC. For example, a lender could deny your application if:

  1. Your LTV ratio is too high.
  2. Your DTI ratio is too high.
  3. Your credit score is too low.
  4. You don’t have a history of on-time payments.
  5. You don’t have a stable source of income.

If you can’t qualify for a HELOC because of any of the above reasons, your best option is likely to work on paying down debt along with building more equity in your home.

There are also some alternatives to consider if you’re disqualified. For example, a home equity loan or personal loan could be a good option. Unlike HELOCs, both of these alternatives generally come with fixed interest rates, giving you predictable payments over the life of the loan. However, you might end up with a higher interest rate than you would with a HELOC.

Additionally, home equity loans and personal loans are paid out in lump sums — meaning you’ll need to know exactly how much you need to borrow before applying.

Explore the difference: HELOC vs. home equity loan

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Jamie Young

Jamie Young is the managing editor of loans, mortgages and credit cards at USA TODAY Blueprint. She has been writing and editing professionally for 13 years. Jamie is an expert on personal loans, student loans, mortgages and debt management. Previously, Jamie worked for Credible, LendingTree, Student Loan Hero and GOBankingRates. Her work has also appeared in some of the best-known media outlets including Yahoo, Fox Business, Time, U.S. News & World Report, AOL and more. After years in the tech and app world, Jamie started working in the personal finance space in 2015. As she learned more about a variety of financial topics, she found herself taking a closer look at her own money situation. She was lucky enough to pay off her student loans and car loan in 2018, making her debt free for the first time in her adult life. Jamie hopes to instill that same interest and curiosity in others, so they feel confident to take control of their own finances.

Maddie Panzer

Maddie Panzer is the loans deputy editor for USA TODAY Blueprint. She has written for the New York Post, WUFT News and News 4 Jacksonville. She is highly skilled in data visualization. Maddie was previously the updates editor for USA TODAY Blueprint. In this role, she edited a wide range of personal finance content, including loans, mortgages, credit cards, small business, banking, investing and insurance. She graduated from the University of Florida where she earned a B.S. in Journalism. Maddie was also the editor-in-chief of her school's magazine, Orange and Blue.