The average interest rate for a home equity line of credit, or HELOC, is 5.35% as of 2020. Your exact rate will depend on factors such as your credit score, the amount of equity in your home, and the lender you choose.
Equity Line of Credit Interest Rates FAQs
Equity line of credit interest rates are influenced by the borrower’s credit score, the value of their collateral, market conditions, and other economic factors.
Equity line of credit interest rates can change on a daily basis and may vary depending on the lender.
Yes, some lenders may offer a tax-deductible interest rate; however, it is important to consult with a qualified tax professional to determine if this applies to your case.
Equity line of credit interest rates can be either fixed or variable, depending on the terms and conditions of the loan agreement with the lender.
The current average equity line of credit interest rate varies based on the borrower’s credit score, collateral value, and other factors. It is important to shop around for the best available rate in your situation.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.
