HELOC and home equity loan rates differ by 2 basis points
The difference between home equity loan rates and HELOC rates is currently 2 basis points.
The average HELOC adjustable rate is 7.23%, while the national average rate on a fixed-rate home equity loan is 7.36%.
These rates are based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio of less than 70%.
The proximity of these rates means that choosing between them will depend on how the funds will be used.