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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →No exact national home equity loan or HELOC rate for September 9, 2024, is established by the available sources. The closest official comparison is the National Credit Union Administration’s (NCUA) quarter-end data for September 27, 2024: credit unions averaged 7.04% for a five-year home equity loan and 8.40% for a home equity line of credit (HELOC), while banks averaged 7.48% and 8.55%, respectively. These are historical averages, not September 9 readings or personalized offers.
What home equity rates were reported near September 9, 2024?
The NCUA’s closest official national comparison for that period covers rates reported by active banks and credit unions on September 27, 2024—not September 9. The data were extracted from S&P Global Market Intelligence on October 8, 2024. The figures below are averages for the specified products and terms, not rates available to every borrower.
| Product and terms | Credit unions | Banks |
|---|---|---|
| Five-year home equity loan at 80% loan-to-value | 7.04% | 7.48% |
| Home equity line of credit at 80% loan-to-value | 8.40% | 8.55% |
NCUA quarterly data report a distinct measurement point from a weekly rate survey. A separate weekly Bankrate Monitor index hosted by FRED uses a defined borrower profile, but the available series information does not establish a September 9, 2024 observation. It should not be substituted for one.
Why the product and borrower profile matter
Home equity loan
A home equity loan provides a lump sum. Its interest rate may be fixed or adjustable. The NCUA figure above is specifically for a five-year loan at 80% loan-to-value; it is not a universal home equity loan rate.
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HELOC
A HELOC is revolving credit: you can draw funds up to a limit, and repayments replenish available credit. HELOCs usually have adjustable rates. The NCUA’s HELOC average is a separate product measure from its five-year loan average, so the two figures are not interchangeable.
Benchmarks also rely on assumptions about the borrower and property. The FRED-hosted Bankrate Monitor HELOC index is based on a weekly survey of ten large institutions in ten large U.S. markets. Its assumed profile is a borrower with a 700 FICO score, a $30,000 line, 80% loan-to-value, an existing detached single-family primary residence, and no existing relationship or automatic-payment discount. A lender’s quote to an individual may differ.
How to compare a lender’s quote with these averages
Compare offers using the same product and assumptions, rather than choosing the lowest advertised percentage in isolation. Ask lenders for the rate and terms that apply to your own application, then check:
- Rate type: Is the rate fixed or adjustable? For an adjustable HELOC, identify the index, the lender’s margin, and the contract’s maximum rate.
- Borrowing structure: Is the offer a lump-sum loan or a revolving line? For a HELOC, ask how the draw period and repayment period work.
- Loan size and equity: Compare offers for the same requested amount or credit limit and similar loan-to-value or combined loan-to-value.
- Total cost: Review fees and closing costs as well as the interest rate.
- Rate-quote assumptions: Check the credit profile, property type, occupancy, and any relationship or automatic-payment discounts behind the quote.
What to know before taking a variable-rate HELOC
A HELOC’s payment can rise as its rate changes. Under the CFPB’s interpretation of Regulation Z, an APR change must be based on a publicly available index outside the creditor’s control, so consumers can independently verify the index. The CFPB’s Regulation Z interpretation explains this requirement.
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Federal Reserve interagency guidance warns that rate increases can cause significant payment increases. It recommends evaluating whether a borrower could repay a fully drawn line and absorb possible increases; the maximum interest rate that may be imposed must be stated in the credit contract. Read the agreement and consider whether the budget can handle higher payments.
Remember that home equity borrowing is secured by your home
If you already have a mortgage, a home equity loan or HELOC adds another payment obligation. The CFPB explains that these products are second mortgages paid in addition to the first mortgage. If you are already having trouble making mortgage payments, the CFPB recommends speaking with a housing counselor before taking on home equity debt. See its guidance on home equity loans and HELOCs.
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What 2024 market conditions do—and do not—tell borrowers
In its April 2024 survey, the Federal Reserve reported that banks said they had tightened standards and seen weaker demand for HELOCs during the first quarter of 2024. This describes banks’ survey responses; it does not establish what a particular lender offered, explain an individual’s quote, or predict later rates. See the Federal Reserve’s April 2024 Senior Loan Officer Opinion Survey.
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