On October 14, 2024, CBS News reported an average home equity loan interest rate of 8.36%, including averages of 8.46% for 10-year loans and 8.37% for 15-year loans. CBS News separately reported an average HELOC rate of 8.73% as of that date. These are historical averages—not current 2026 offers or a personal rate quote.
Rates reported on October 14, 2024
| Product or term | Rate reported | Source and date |
|---|---|---|
| Home equity loan, average | 8.36% | CBS News, October 14, 2024 |
| Home equity loan, 10-year term | 8.46% | CBS News, October 14, 2024 |
| Home equity loan, 15-year term | 8.37% | CBS News, October 14, 2024 |
| HELOC, average | 8.73% | CBS News, as of October 14, 2024 |
The figures are separate published averages; they should not be treated as one survey or as offers available to every borrower. A national average is a reference point, not a lender quote. CBS News reported the loan and HELOC figures, while the underlying borrower profiles and methods are not established here in enough detail to infer what a particular applicant would receive.
Why your offered rate may differ
Lenders set terms based on underwriting and the borrower’s circumstances. A published benchmark can also reflect a specific sample profile rather than the full range of applicants. For example, the Bankrate Monitor weekly HELOC series archived by FRED surveys 10 large banks and thrifts across 10 large U.S. markets. Its stated profile is a borrower with a 700 FICO score seeking a $30,000 line at 80% loan-to-value on an existing single-family primary residence, without an existing bank relationship or automatic payments. That methodology describes this particular benchmark; it is not a universal eligibility standard or proof that the CBS News figure uses the same series. FRED’s series description
The October 14, 2024 figures do not establish historical quotes by lender, state, credit-score band, loan amount, fees, or other contract terms. For an offer you can act on, request personalized quotes and compare the written terms.
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Home equity loan versus HELOC
The two products provide access to home equity in different ways, so their headline rates alone do not settle which costs less. Bankrate explains that home equity loans generally have fixed rates after closing, while HELOCs often have variable rates linked to a benchmark such as prime; a lender’s contract controls the actual terms. Bankrate’s comparison of HELOCs and home equity loans
| Feature | Home equity loan | HELOC |
|---|---|---|
| How funds are accessed | Usually a lump sum | Revolving line, generally drawn as needed |
| Typical rate structure | Fixed after closing | Often variable |
| Key terms to compare | APR, payment, term, fees | APR or index plus margin, draw and repayment rules, fees, and variable-payment risk |
How to compare offers
- Compare APR as well as the interest rate. Review the fees included in the offer and the total borrowing cost.
- For a home equity loan, check the fixed payment, repayment term, and fees.
- For a HELOC, review the index and margin, draw period, repayment rules, fees, and how payments could change if rates move.
- Compare equivalent terms. A short-term loan rate and a revolving line rate are not directly interchangeable.
- Use current personalized quotes for a current decision. The October 2024 figures are historical snapshots and do not predict future rates.
Bankrate’s live rate information is dated for its own publication period; it should not be conflated with these 2024 historical figures. Bankrate home equity rate page
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