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The average HELOC interest rate reported on August 21, 2024, was 9.37%, according to CBS News. That is a historical national average—not a rate available today or a personalized lender quote. The available reporting does not establish a national average for fixed-rate home equity loans on that date.
What was the average home equity rate on August 21, 2024?
The dated figure was an average HELOC rate of 9.37%, reported by CBS News on August 21, 2024. A HELOC is a revolving line of credit secured by home equity; its rate can vary. A home equity loan is typically a lump-sum loan with a fixed rate. The 9.37% figure applies to HELOCs, not to both products.
An average is a benchmark, not a promise of what an individual borrower could obtain. A lender’s offer can change with credit history, equity, property and occupancy, borrowing amount, fees, relationship discounts, and other underwriting rules. The Bankrate Monitor series hosted by FRED describes a different weekly benchmark based on a specified borrower profile and markets; because its observations are dated Thursdays, it should not be represented as an August 21 observation, which was a Wednesday. See the FRED series notes and data for its methodology.
What would a $75,000 HELOC cost at 9.37%?
CBS News illustrated the historical 9.37% rate with two amortization examples. These are the publication’s payment illustrations, not a complete forecast of every HELOC’s costs: an actual line may have a draw period, interest-only payments, fees, a changing balance, or a rate that moves over time.
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| Illustrated repayment term | Monthly payment | Total interest |
|---|---|---|
| 10 years | $965.15 | $40,818.17 |
| 15 years | $777.30 | $64,913.27 |
Both illustrations assume a $75,000 balance at 9.37% and the stated repayment term, as reported by CBS News on August 21, 2024. The longer term lowers the illustrated monthly payment but raises total interest. The figures should not be used as an estimate for a line whose balance or rate changes or whose payment schedule differs.
How did a lender’s offer compare with the average?
Central Pacific Bank’s rate sheet dated August 20, 2024, provides an example of how an individual lender’s pricing could differ from a national average. It listed an undiscounted owner-occupied variable APR of 9.50% and introductory fixed APR options. These were that bank’s historical terms, subject to approval and conditions—not market averages or current offers.
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| Introductory fixed period | APR on Central Pacific Bank’s August 20, 2024 sheet |
|---|---|
| 1 year | 6.25% |
| 2 years | 6.50% |
| 3 years | 6.75% |
| 4 years | 7.00% |
| 5 years | 7.25% |
After the introductory fixed period, the bank’s APR was to become variable monthly, based on the Wall Street Journal Prime Rate plus a margin tied to credit history and the borrower’s relationship with the bank. Its sheet also specified a $50 annual fee, a 10-year draw period with interest-only monthly payments, and a 20-year repayment period with principal and interest. It stated a 4.50% minimum and 18.00% maximum APR after the fixed-rate period. Review the Central Pacific Bank rate sheet for the lender’s terms and conditions.
How to compare HELOC and home equity loan rates
Choose based on the way you need to borrow and the kind of payment uncertainty you can accept. A HELOC can provide access to funds over time, but a variable rate exposes you to changes in borrowing costs. A fixed-rate home equity loan offers rate and payment-rate certainty, but the available sources do not establish a nationwide average fixed-rate home equity loan rate for August 21, 2024. Do not use the HELOC average or one lender’s offer as a substitute.
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When comparing actual offers, line up the same product type and borrowing assumptions. Check:
- APR and rate type: distinguish a fixed rate from a variable APR, and check whether quoted costs include fees.
- Variable-rate formula: identify the index, lender margin, how often the rate can reset, and any floor or cap.
- Introductory terms: note how long promotional pricing lasts and what formula applies when it ends.
- Payment structure: compare draw-period and repayment-period rules, including whether payments are interest-only initially and when principal repayment begins.
- Fees and discounts: account for annual fees and conditions such as automatic debit or an existing bank relationship.
- Eligibility assumptions: compare quotes using the same credit profile, loan or line amount, occupancy, and combined loan-to-value assumption.
These details can make a low introductory APR materially different from a permanently fixed rate. A quote should be evaluated across its full terms, not by its opening number alone.
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What did experts expect rates to do in August 2024?
In an August 21, 2024, CBS News report, JR Younathan, then a senior vice president and California state mortgage production manager at California Bank & Trust, favored a HELOC over a home equity term loan in light of the rate environment and expected cuts. That was a contemporaneous opinion, not a forecast guarantee or advice for borrowers today. Variable rates can move in either direction, and a borrower should not assume a HELOC will necessarily become cheaper.
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