Daily HELOC rates on July 3, 2024: Rates are steady
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Published 3:10 a.m. UTC July 3, 2024
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Home equity line of credit (HELOC) rates are trending about the same across the board. Here are today’s average rates on a $100,000 HELOC based on different loan-to-value ratios:
- 60% LTV ratio: 9.13%
- 80% LTV ratio: 9.31%
- 90% LTV ratio: 10.18%
Today’s HELOC rates
*Data accurate as of July 2, 2024, the latest data available.
Current HELOC rate trends
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 average HELOC rate if you have an LTV ratio of 60% stayed the same as last week, according to data from Curinos. This is down from last month's 9.15%.
HELOC rates: 80% LTV ratio
Today’s average HELOC rate is 9.31% with an 80% LTV ratio, which is the same as last week, according to data from Curinos. This is a decrease from last month's 9.32%.
Before you borrow, compare the best HELOC lenders
HELOC rates: 90% LTV ratio
The HELOC rate today for a borrower with an LTV ratio of 90% sits at 10.19% which is the same as last week, according to data from Curinos. Last month, the rate was at 10.11%.
Frequently asked questions (FAQs)
A HELOC is a revolving line of credit that gives homeowners a flexible way to borrow against the equity they’ve built up in their home. Similar to a credit card, you can repeatedly borrow from your credit line and will only pay back the amount you’ve drawn. You’ll also only pay interest on what you’ve actually borrowed.
HELOCs can be used for almost any purpose, from home improvement projects or debt consolidation to college tuition or emergency expenses.
There are many reasons why you might not qualify for a HELOC. For example, a lender could deny your application if:
- Your LTV ratio is too high.
- Your DTI ratio is too high.
- Your credit score is too low.
- You don’t have a history of on-time payments.
- 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
Repayment terms for HELOCs typically range from five to 30 years. This generally comprises a draw period of up to 10 years and then up to 20 years to repay what you’ve borrowed.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
