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The reported average HELOC interest rate on September 4, 2024, was 9.99%. This was a historical national average—not a personalized offer—and it applies to HELOCs, not to fixed-rate home equity loans.
What the 9.99% rate represents
CBS News, citing Bankrate data in 2025, reported a 9.99% average HELOC rate for September 4, 2024. See the CBS News report.
The underlying Bankrate Monitor series is a weekly national survey of rates from 10 large institutions across 10 large U.S. markets. Bankrate weights bank and thrift rates equally. Its stated borrower profile is a 700 FICO score, a $30,000 line, 80% loan-to-value, and an existing single-family primary residence; the rate collection excludes an existing relationship or automatic payments. FRED’s Bankrate Monitor series documentation.
That standardized profile makes the figure useful for tracking market conditions, but it does not predict what a particular borrower would have been offered. A lender’s quote can vary with credit, equity, loan terms, and other underwriting factors.
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Does the figure apply to home equity loans?
No comparable average for a fixed-rate home equity loan on September 4, 2024, was established. The 9.99% figure is specifically a HELOC average, so it should not be presented as the average rate for all home equity borrowing.
A HELOC is a revolving line of credit and often has a variable rate. A closed-end home equity loan generally has a fixed rate after closing. Bankrate explains that Federal Reserve decisions influence the federal funds rate and prime, and many HELOC rates are tied to prime; market rates also affect pricing on new home equity loans. Bankrate’s explanation of rate movements.
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How to use the historical rate when comparing offers
The September 2024 average is context, not a benchmark that a current lender must match. For a borrowing decision, compare offers for the same type of product and consider the complete cost over the period you expect to borrow.
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- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
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- Product and rate structure: distinguish a variable-rate HELOC from a fixed-rate home equity loan; for a HELOC, check the index and margin.
- Introductory terms and fees: identify any introductory rate and its end date, as well as application, annual, closing, and other fees.
- Eligibility and available credit: compare credit and loan-to-value requirements, along with the line or loan amount offered.
- Access and repayment: review the HELOC draw period, repayment period, minimum payments, and how payments may change as the balance or rate changes.
- Total borrowing cost: estimate interest and fees using the amount and timing you actually expect to borrow, rather than comparing headline rates alone.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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