Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  FREEandCLEAR.com Find Your Mortgage:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I FREEandCLEAR.com Find Your Mortgage
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance FREEandCLEAR.com Find Your Mortgage
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax FREEandCLEAR.com Find Your Mortgage
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance FREEandCLEAR.com Find Your Mortgage
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee FREEandCLEAR.com Find Your Mortgage
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points FREEandCLEAR.com Find Your Mortgage
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee FREEandCLEAR.com Find Your Mortgage
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee FREEandCLEAR.com Find Your Mortgage
Credit Report Fee: Fee charged to obtain an applicant's credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower's creditworthiness.
Tax Service Fee FREEandCLEAR.com Find Your Mortgage
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee FREEandCLEAR.com Find Your Mortgage
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee FREEandCLEAR.com Find Your Mortgage
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property's value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee FREEandCLEAR.com Find Your Mortgage
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium FREEandCLEAR.com Find Your Mortgage
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees FREEandCLEAR.com Find Your Mortgage

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower's attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Mortgage Rates
Refinance Rates
FHA Rates
VA Rates
Jumbo Rates
Adjustable Rate Mortgage Rates
Interest Only Mortgage Rates
Non-Owner Occupied Rates
Home Equity Loan Rates
Home Equity Loan Rates

Current Home Equity Loan Rates and HELOC Rates

Review current home equity loan rates and HELOC rates for October 19, 2018. The table below enables you to shop home equity loan and HELOC interest rates and fees for leading lenders in your area. The table enables you to compare both products side-by-side so you can understand the difference in pricing for home equity loans and HELOCs. Use the refine your search menu to review updated monthly payments based on your loan amount. You can also search for lenders by loan type and length. You should contact multiple lenders to find the lowest home equity loan or HELOC rates and costs.

Interest Rates Current Home Equity Loan Rates and HELOC Rates in
Loading...
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

Why Select a Home Equity Loan or HELOC

1

Only Access the Amount of Money You Need.

A home equity loan or HELOC enables you to access the specific amount of money you need as compared to a full refinance of your mortgage.  A smaller loan amount means that your monthly payment and total interest expense over the life of the loan are lower with a home equity loan or HELOC.

2

Flexible Financing Option.

Most lenders impose relatively few limits on how borrowers use the proceeds from a home equity loan or HELOC.  You can use the money from a home equity loan or HELOC for any number of reasons including to pay-off expensive credit card debt, for home improvements or even school tuition.  Although most lenders want to understand how you plan on using your loan proceeds, a home equity loan or HELOC provides you significant flexibility on how you use the equity in your home.

3

Less Expensive and More Efficient than a Refinance.

A home equity loan or HELOC is less costly and time-consuming compared to alternate ways of tapping the equity in your home including a cash-out refinance.  Transaction expenses and fees for a home equity loan or HELOC are typically less than the closing costs to refinance your mortgage because the loan amount is smaller.  Additionally, the application and closing process for a home equity loan or HELOC are shorter than the time frame for a refinance.  Please note that home equity loan rates and HELOC rates are typically higher than first mortgage rates but the loan amount is smaller so your total interest expense is lower.  

4

Increased Borrowing Capacity.

Lenders typically apply a higher borrower debt-to-income ratio for a home equity loan or HELOC than for a mortgage, which potentially enables you to borrower more money.  For example, depending on multiple factors, the maximum debt-to-income ratio for a mortgage is typically 45% to 50% while the maximum debt-to-income ratio for a home equity loan or HELOC is usually 55% or possibly higher under certain circumstances.  Using a higher debt-to-income ratio enables you to borrow more money.  With a home equity loan or HELOC, to determine what size loan you qualify for lenders primarily focus on the value of your home and the combined loan-to-value (CLTV) ratio of your first mortgage plus your home equity loan or HELOC.

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
4.750%
4.625%
4.250%
4.125%
4.250%
4.125%
4.250%
4.250%
4.250%
4.250%
4.750%
4.625%
5.000%
4.875%

Mortgage Rate Report

Friday, October 19, 2018

Mortgage rates moved higher this week as stock market volatility pushed bond yields higher.  When the stock market drops, bond yields typically increase which applies upward pressure on mortgage rates, which we saw this week.  Ironically, investor concerns over rising interests rates is one of the main factors that led to the equity market sell-off.  Rates continue to increase following the Federal Reserve's decision to increase the Federal Funds rate 0.250% to a target range of 2.000% to 2.250% at its September meeting.

The rate hike was the Fed's third of the year as it implements a more aggressive monetary policy in response to a strong economy and labor market.  The Fed also reinforced its plan to raise interest rates at least one more time before the end of 2018 and removed language that described its policy as "accommodative" from the meeting statement.  The Fed's September meeting statement highlighted strong economic growth including a robust jobs market, household spending, business investment and inflation that is approaching targeted levels.  These factors outweigh economic concerns previously identified by the Fed including the impact of a trade tariffs, sluggish wage growth and a slowdown in the housing market. 

In implementing its interest rate strategy, it is clear that the Fed is more focused on a robust labor market and accelerating inflation than stalling home sales and prices.  Supporting the Fed's outlook, the unemployment rate recently fell to its lowest level an almost five decades despite lower than expected job creation.

Although the housing market continues to be battered by a lack of affordable inventory, higher mortgage rates and a pullback in home construction -- all of which the Fed has acknowledged in recent comments -- the overall direction of the economy is offering no reason for the Fed to change its course on rates.   The Fed's actions and consistently bullish signaling pushed mortgage rates to an eight-year high this week.

The interest rate for a 30 year fixed rate mortgage increased 0.125% to 4.750% and the rate for a 15 year fixed rate mortgage moved 0.125% higher to 4.250%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) also jumped 0.125% to 4.250%.  Jumbo mortgage rates inched up 0.125% to 4.750%, inline with conforming loans.  After climbing over much of the past month non-owner occupied mortgage rates reached the key 5.000% level.  Providing some relief for borrowers, FHA mortgage rates and VA mortgage rates both remained steady at 4.250%, with both programs appealing to borrowers focused on low or no down payment programs, especially first-time home buyers.    

The Fed had clearly communicated its plan to raise rates at its September meeting so few were surprised by the decision as well as the subsequent uptick in mortgage rates. Most signs -- including perhaps most important, the Fed's actions and words -- point to higher rates in the future, although borrowers should expect fluctuations in the near term.  While interest rates are impossible to predict, prospective borrowers looking to buy a home or refinance should take advantage of any market pullbacks and may be able to lock in a lower rate by acting sooner rather than later.  As lenders react differently to dynamic market conditions, we have also seen much wider variation in mortgage rate pricing, which means borrowers benefit more by shopping multiple lenders.

Because rates change constantly, we continue to actively monitor the mortgage market for new developments.  Borrowers should check the FREEandCLEAR rate tables regularly to review personalized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information.

Why Borrowers Compare Home Equity Loan Rates and HELOC Rates on FREEandCLEAR

Save Money
Save Money.

Comparing home equity loan rates and HELOC rates can save you thousands. Use our rate tables to find the lender offering the lowest rates and fees

Save Money
Borrower-Friendly.

Our rate tables put you in control. You can compare lenders anonymously plus you never need to provide your social security number

Save Money
Top Lenders.

Review home equity loan rates and HELOC from leading lenders. Our lenders offer highly competitive terms to win your mortgage business

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How a Home Equity Loan Works

Understand how a home equity loan works including interest rate, qualification requirements and other key loan terms

Programs

How a Home Equity Line of Credit Works

Review our comprehensive overview of of how a HELOC works including loan-to-value ratio limits, types of HELOC and other guidelines 

Resources

Comparing a Home Equity Loan to a Line of Credit

Review our detailed comparison of a home equity loan and a HELOC to determine the financing option that is right for you

Mortgage Expert Insights

Comparing a Home Equity Loan to a Mortgage Refinance

Review an informative explanation of the trade-offs between a home equity loan and a mortgage refinance

X

Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
Email:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!