On October 8, 2024, the latest date-matched national figures available from the National Credit Union Administration (NCUA) were rates reported for September 27: five-year home equity loans at 80% loan-to-value averaged 7.04% at credit unions and 7.48% at banks; 80% LTV HELOCs averaged 8.40% and 8.55%, respectively. These are dated national averages, not live quotes or guaranteed offers.
What were current home equity interest rates on October 8, 2024?
The NCUA’s Q3 2024 rate table reports the following national averages for active institutions on Friday, September 27. The agency says it extracted the figures from S&P Global Market Intelligence on October 8, 2024. That makes this a quarter-end reported snapshot available on the title date—not a survey of every lender’s offers on October 8.
| Product and assumptions | Credit union national average | Bank national average |
|---|---|---|
| Five-year home equity loan, 80% LTV | 7.04% | 7.48% |
| HELOC, 80% LTV | 8.40% | 8.55% |
NCUA: Credit Union and Bank Rates 2024 Q3
The averages describe specified products and loan-to-value assumptions. They do not establish a universal rate available to an individual borrower. Your lender’s offer depends on its underwriting and your circumstances.
Why the home equity loan and HELOC rates differ
Home equity loan
A home equity loan provides a specific amount as a lump sum. Its rate may be fixed or adjustable, and you repay the amount borrowed under the loan’s terms.
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HELOC
A home equity line of credit is reusable: you can draw from it up to a credit limit, and payments restore available credit. HELOCs usually have adjustable rates, and payments vary with the balance. If you already have a mortgage, either product is a second mortgage paid in addition to your first mortgage. CFPB: Home equity loan and HELOC differences
The NCUA’s five-year loan average and its HELOC average are not like-for-like rate commitments. A lower figure for one category does not mean a borrower would receive a lower rate on a comparable offer; the product structure and terms differ.
What is the average HELOC rate?
In the NCUA’s September 27, 2024 snapshot, the national average for an 80% LTV HELOC was 8.40% at credit unions and 8.55% at banks. These are the dated figures available on October 8, not a verified rate for that exact day or a personalized quote.
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A separate weekly HELOC benchmark tracked by FRED is Bankrate’s BRMHELOC01 series. Bankrate’s methodology surveys 10 large institutions in the same 10 large U.S. markets each week and weights bank and thrift rates equally. Its stated profile includes a 700 FICO score, a $30,000 line amount, 80% LTV, an existing detached single-family primary residence, and no existing lender relationship or automatic payments. The retrieved series information does not establish an October 8, 2024 observation, so it should not be used to fill that date-specific gap.
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FRED: Bankrate Monitor HELOC Rate (BRMHELOC01)
Are home equity loan rates lower than HELOC rates?
In this particular NCUA snapshot, the five-year home equity loan averages were lower than the HELOC averages for both banks and credit unions. That comparison is limited to the table’s products, 80% LTV assumption, institutions, and reporting date. It does not establish that home equity loans generally—or a loan offered to you—will have a lower rate than a HELOC.
How to compare actual offers
Compare the full terms rather than choosing on the headline interest rate alone. Ask each lender:
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- What is the APR, and what fees apply?
- Is the interest rate fixed or variable? If variable, what index and margin determine it?
- Is there an introductory rate, and when does it end?
- How long is the draw period, and what repayment period follows?
- How is the payment calculated, and does the agreement include a rate cap?
For a variable-rate HELOC, ask how the payment could change if rates rise and what you would owe if you drew the full line. Federal Reserve interagency guidance warns that HELOCs generally do not have interest-rate caps limiting increases and that rising rates can cause significant payment increases. It says underwriting for interest-only and variable-rate lines should assess a borrower’s ability to amortize a fully drawn balance over the term and absorb potential rate increases.
Federal Reserve: Credit-Risk Management Guidance for Home-Equity Lending
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteThe CFPB recommends shopping around and watching for potential pitfalls. If you are having trouble paying your mortgage, speak with a housing counselor before taking out a home equity loan or HELOC.
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What the broader rate context can—and cannot—tell you
In August 2024, the Federal Reserve Bank of New York reported that HELOC balances rose by $4 billion in Q2 2024 to $380 billion, their ninth consecutive quarterly increase since Q1 2022. The balance was $63 billion above the series low in Q3 2021. These figures describe borrowing balances, not a forecast of home equity rates.
Andrew Haughwout, the New York Fed’s Director of Household and Public Policy Research, said, “Homeowners continued to increase HELOC balances as an alternative way to extract home equity.”
Federal Reserve Bank of New York: Household Debt and Credit Report, August 6, 2024
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FHFA’s MIRS Transition Index registered 6.48 for October 2024, but it is not a home equity rate series. FHFA describes it as a successor index related to the discontinued MIRS mortgage survey and says it is not a reference rate for newly originated adjustable-rate mortgages; it should not be treated as a home equity loan or HELOC quote.
FHFA: Mortgage Interest Rates and MIRS Transition Index
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