Current HELOC and Home Equity Loan Interest Rates for April 2026
This CBS News article provides an overview of current interest rates for Home Equity Lines of Credit (HELOCs) and home equity loans as of April 16, 2026. Amidst an elevated interest rate environment where personal loans and credit cards carry double-digit rates, home equity products offer a more affordable borrowing option for homeowners with significant equity. According to Bankrate data, the average HELOC rate stands at 7.07%, while fixed-rate home equity loans range from 7.93% for five-year terms to 8.06% for ten-year terms. The article highlights that these rates are expected to decline further if the Federal Reserve cuts rates later in the year. It distinguishes between the two products: home equity loans provide lump sums with fixed rates and immediate repayment, whereas HELOCs offer revolving credit with variable rates and interest-only payments during the draw period. Additionally, potential tax deductions for home improvements are noted. Readers are advised to shop around for the best terms, considering factors like credit profile and location, given that homes serve as collateral for these loans.
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Current HELOC and Home Equity Loan Interest Rates for April 2026
This CBS News article provides an overview of current interest rates for Home Equity Lines of Credit (HELOCs) and home equity loans as of April 16, 2026. Amidst an elevated interest rate environment where personal loans and credit cards carry double-digit rates, home equity products offer a more affordable borrowing option for homeowners with significant equity. According to Bankrate data, the average HELOC rate stands at 7.07%, while fixed-rate home equity loans range from 7.93% for five-year terms to 8.06% for ten-year terms. The article highlights that these rates are expected to decline further if the Federal Reserve cuts rates later in the year. It distinguishes between the two products: home equity loans provide lump sums with fixed rates and immediate repayment, whereas HELOCs offer revolving credit with variable rates and interest-only payments during the draw period. Additionally, potential tax deductions for home improvements are noted. Readers are advised to shop around for the best terms, considering factors like credit profile and location, given that homes serve as collateral for these loans.
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