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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →On July 10, 2024, CBS News reported an average home equity loan rate of 8.60% and an average HELOC rate of 9.17%. Those are dated reported averages, not current 2026 offers or a promise of the rate any borrower would receive.
Reported home equity rates on July 10, 2024
| Product | Reported average rate | Source and date |
|---|---|---|
| Home equity loan | 8.60% | CBS News, July 10, 2024 |
| HELOC | 9.17% | CBS News, July 10, 2024 |
The CBS News figures are reported averages. Its cited rate report does not establish the exact lender sample, geographic scope, fee treatment, whether the figures are APRs, or the borrower assumptions used. They should not be treated as personalized quotes.
Why a home equity loan rate differs from a HELOC rate
Home equity loans
A home equity loan usually provides a lump sum and has a fixed interest rate after closing. That can make the payment more predictable, although rates on new loans can still move with market conditions.
HELOCs
A home equity line of credit (HELOC) lets a borrower draw funds as needed, up to the lender’s limit. HELOC rates are typically variable and tied to an index such as the prime rate, so the rate and payment may change when the index changes.
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Why your offer may not match the reported average
Lenders set an individual offer using their underwriting criteria and the applicant’s circumstances. Credit history, equity, loan amount, property and lender terms can all matter. The CBS News report does not provide enough methodology to map its averages to a specific borrower profile.
For context, FRED’s documentation for Bankrate’s separate national HELOC index describes a weekly survey of the 10 largest banks and thrifts across 10 large U.S. markets. Its stated profile is a $30,000 line, a 700 FICO score, 80% loan-to-value, and an existing single-family detached primary residence. That is the methodology for the Bankrate series, not evidence that the CBS News July 10 averages were calculated from the same profile. FRED: Bankrate national HELOC index.
What to compare when shopping
- Rate type: Check whether the rate is fixed or variable and, for a HELOC, identify the index and lender margin.
- Full borrowing cost: Compare APR and fees, not just the stated interest rate.
- Rate limits: For a variable-rate line, review any rate caps or floors and how changes affect payments.
- Access and repayment: Confirm the draw period, repayment period, and what happens when the draw period ends.
- Fit for your plan: Compare the amount you expect to borrow and how quickly you intend to pay it back against the product’s terms.
Ask lenders for written, individualized terms; the July 2024 averages do not establish what is available to you now.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the Federal Reserve survey says—and does not say
The Federal Reserve’s July 2024 Senior Loan Officer Opinion Survey reported that banks’ lending standards and demand for HELOCs were basically unchanged. This is context about reported bank lending conditions, not a measure of the rate a particular applicant could obtain. Federal Reserve, July 2024 Senior Loan Officer Opinion Survey.
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