Home values and mortgage rates are both rising or remaining consistently high.

This is poor news for anyone trying to buy a home, but fantastic news for people who already own a home and want to use their increasing equity.

Home equity loan with a 15.-year fixed rate last month was 6.90%.

In the same time frame, the 10-year fixed-rate home equity loan was 6.88%.

The average interest rate for home equity loans is currently 7.05 percent as of September 21, 2022.

The average interest rate for HELOCs at the moment is 6.75 percent.

The location of your home affects your possible home equity loan rate.

16The rates in Boston are 6.62%, in Chicago they are 7.63%, and in Detroit they are 8.16%.

Boston has an average HELOC rate of 5.74%, Chicago has a rate of 7.10%, and Dallas has a rate of 7.90%.

A home equity loan is an installment loan with a fixed rate that is secured by the equity you have in your home.

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