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What rates were reported on August 22, 2024?
No verified rate table or article for that exact date is available here. A Forbes Advisor archive excerpt indexed through RSSing refers to a related August 23 article with “Rates Rise” in its title, but it does not provide the August 22 figures. The August 23 headline is not evidence of the prior day’s rates or of the size or direction of a change. Source: Forbes Advisor archive excerpt indexed through RSSing.
What a lender advertised in August 2024
American Heritage Credit Union’s August 2024 member newsletter advertised a home equity loan at rates as low as 5.99% APR for 36 months and a Platinum HELOC at rates as low as 7.24% APR, with up to 80% loan-to-value. The offer disclosure says the rates were effective January 1, 2024, and subject to change without notice; these are the credit union’s historical advertised terms, not August 22 market rates. American Heritage Credit Union, The Patriot, August 2024, page 4.
The newsletter describes the home equity loan as a lump-sum disbursement and the HELOC as a line that permits multiple draws. It also gives an illustrative payment of $30.44 per $1,000 borrowed at 5.99% APR over 36 months, and $19.92 per $1,000 at 7.24% APR over 60 months for its specified fixed-rate HELOC example. Those payment illustrations are specific to the lender’s stated examples, not universal estimates.
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Why your quoted APR may differ
American Heritage says its borrower’s rate can depend on credit, collateral valuation, term and other factors, so an advertised “as low as” APR is not a promise of the rate every applicant will receive. Its disclosure also says APR increases by 0.25 percentage point without payroll deduction or automatic payment. The newsletter describes a 36-month draw period for its specified HELOC example; it does not establish that schedule for other lenders’ lines.
How to compare current offers
The historical example cannot show what lenders offer now. When requesting quotes, compare each lender’s dated terms directly, including:
- APR and whether the rate is fixed or variable, along with fees.
- Draw-period and repayment-period rules, including minimum draw or payment requirements.
- Maximum combined loan-to-value limit and borrower eligibility.
- Whether the offer applies in your location and what conditions are required to qualify for the advertised rate.
Get the complete terms from the lender before comparing offers; the cited newsletter does not establish a market-wide average or complete terms across lenders.
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