Current HELOC Rates for October 8, 2024: What You Need to Know

Current HELOC Rates for October 8, 2024

As of October 7, 2024, the average rates for home equity lines of credit (HELOCs) have shown a notable decrease, providing potential borrowers with more favorable options. If you're considering tapping into your home equity, understanding the current rates is crucial.

Average HELOC Rates by Loan-to-Value (LTV) Ratio

• 60% LTV Ratio: The average HELOC rate is 8.80%, down from 8.92% last week and significantly lower than 9.10% last month.
• 80% LTV Ratio: For borrowers with an 80% LTV ratio, the average rate is 8.99%, a slight decrease from 9.11% last week and down from 9.28% last month.
• 90% LTV Ratio: The average rate for a 90% LTV ratio is 9.89%, which has decreased from 10.00% last week and 10.18% last month.

These rates reflect the latest data compiled by Curinos and are essential for homeowners looking to leverage their equity for various financial needs.

Why Compare HELOC Lenders?

Before making a decision, it's advisable to compare offers from different HELOC lenders. Rates can vary significantly based on lender policies, your credit score, and other factors. By shopping around, you can find the best deal that suits your financial situation.

Conclusion

With the current downward trend in HELOC rates, now may be an opportune time to consider borrowing against your home equity. Always ensure to review your options and consult with financial experts to make informed decisions. For more information on the best HELOC lenders, be sure to do your research and compare rates effectively.

Note: The rates mentioned are accurate as of October 7, 2024, and may vary based on individual circumstances and lender policies.