Current HELOC & Home Equity Loan Rates: June 5, 2024

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Discover the current HELOC and home equity loan rates as of June 5, 2024. Learn about rising rates, loan options, and key pros and cons for borrowers.

Rates on the Rise

Home equity loan and HELOC rates are increasing as of June 5, 2024.

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HELOC Overview

HELOCs are variable-rate second mortgages using your home's equity as a revolving line of credit.

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Home Equity Loan Basics

A home equity loan is a fixed-rate, lump-sum loan up to 85% of your home’s value.

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HELOC Rates for $100K

Rates: 9.15% (60% LTV), 9.32% (80% LTV), 10.11% (90% LTV).

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 HELOC Rates for $250K

Rates: 9.14% (60% LTV), 9.32% (80% LTV), 10.14% (90% LTV).

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 HELOC Rates for $500K

Rates: 9.20% (60% LTV), 9.39% (80% LTV), 10.26% (90% LTV).

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 5-Year Home Equity Loan

Rates: 8.12% (60% LTV), 8.37% (80% LTV), 9.10% (90% LTV).

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10-Year Home Equity Loan

Rates: 8.29% (60% LTV), 8.56% (80% LTV), 9.25% (90% LTV).

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20-Year Home Equity Loan

Rates: 8.71% (60% LTV), 9.06% (80% LTV), 9.63% (90% LTV).

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Pros and Cons

Pros: Tax-deductible interest, consolidation options.  Cons: Variable rates, potential for foreclosure.

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