Daily HELOC rates on July 1, 2024: Rates are steady
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Published 4:34 a.m. UTC July 1, 2024
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The average rate on a $100,000 home equity line of credit (HELOC) is 9.13% if you have a loan-to-value (LTV) ratio of 60%, 9.31% if your LTV ratio is 80% and 10.18% with a 90% LTV ratio.
Today’s HELOC rates
*Data accurate as of June 28, 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 HELOC rate today for a borrower with an LTV ratio of 60% sits at 9.13%. This means it's stayed about the same as last week at 9.14%, according to data from Curinos. Last month, the rate was at 9.15%.
HELOC rates: 80% LTV ratio
The average HELOC rate if you have an LTV ratio of 80% fell to 9.31% from 9.32% last week, according to data from Curinos. This is down from last month's 9.32%.
HELOC rates: 90% LTV ratio
Today’s average HELOC rate is 10.18% with a 90% LTV ratio which is the same as last week, according to data from Curinos. This is about the same as last month's 10.11%.
Before you borrow, compare the best HELOC lenders
Frequently asked questions (FAQs)
During the COVID-19 pandemic, many banks stopped offering HELOCs due to uncertainty surrounding the economy. However, numerous banks have resumed offering HELOCs to customers today.
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.
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