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Reported home equity rates on September 27, 2024
CBS News published the following national averages on September 27, 2024. The articles do not provide a detailed rate-sample methodology, so treat the figures as reported averages rather than a complete survey of lenders or a prediction of an individual offer.
| Product and term | Reported average rate |
|---|---|
| 10-year fixed home equity loan | 8.50% |
| 15-year fixed home equity loan | 8.41% |
| HELOC | 8.94% |
These figures were reported during a falling-rate period following the Federal Reserve’s September 2024 rate cut. Commentary in the same-day articles about further cuts was a forecast at that time, not a current outlook. (CBS News, September 27, 2024)
What a $100,000 home equity loan payment looked like
Using the reported average rates, CBS News estimated the following monthly payments for a $100,000 fixed-rate home equity loan:
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| Loan amount | Term and rate | Estimated monthly payment |
|---|---|---|
| $100,000 | 10 years at 8.50% | $1,239.86 |
| $100,000 | 15 years at 8.41% | $979.47 |
These are publication illustrations, not lender quotes; they do not establish the fees or total borrowing cost for a real loan. The lower payment for the 15-year example comes with a longer repayment period, so monthly payment alone cannot show which loan costs less overall. CBS also illustrated payments on a $20,000 loan: $247.97 per month for 10 years at 8.50%, and $195.89 per month for 15 years at 8.41%. (CBS News, September 27, 2024)
How home equity loans and HELOCs differ
Both products borrow against home equity and use the home as collateral. The key difference is how funds are accessed and repaid.
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| Feature | Home equity loan | HELOC |
|---|---|---|
| Access to funds | Usually a one-time lump sum | Revolving credit that can be drawn repeatedly, subject to plan terms |
| Rate and payment | Usually a fixed rate with scheduled installments | Usually an adjustable rate; payments can change |
| Repayment structure | Repayment begins under a set installment schedule | Typically has a draw period followed by repayment; payments may rise when repayment starts |
| Potential end-of-draw payment | Not applicable to the standard lump-sum structure | Some plans may require a large or balloon payment at repayment transition |
The CFPB describes a home equity loan as borrowing money with home equity as collateral, and a HELOC as an open-end line of credit that permits repeated borrowing against that equity. (CFPB: What is a home equity loan?; CFPB: What is a home equity line of credit (HELOC)?)
Why a HELOC rate and payment can change
Many HELOCs have variable rates tied to an index plus a lender’s margin. If the index changes, the rate and required payment may change according to the loan agreement. The adjustment schedule and any rate limits are contract-specific; a change in a benchmark does not mean every borrower’s rate changes immediately or by the same amount. In a September 27, 2024 CBS News article, certified financial planner Jay Zigmont noted that a variable-rate loan adjustment could take a month or more to appear on an existing loan. That was contextual expert commentary, not a rule for every plan. (CBS News, September 27, 2024; CFPB HELOC booklet)
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At the end of a HELOC’s draw period, the plan generally transitions to repayment. The borrower may no longer be able to draw funds, and the required payment can rise as principal repayment begins. Some plans can require a balloon payment. Read the agreement’s draw-period end date, repayment method, rate-adjustment terms, and any payment cap before relying on a HELOC for a future expense. (CFPB HELOC guidance)
How to compare offers available to you now
- Compare like with like. Request quotes for the same amount and, for fixed home equity loans, the same repayment term. For HELOCs, compare the draw period and repayment period as well as the initial rate.
- Inspect how the rate is set. For a fixed loan, confirm whether the rate remains fixed for the full term. For a HELOC, identify the index, margin, adjustment frequency, introductory-rate expiration, and any rate caps or floors.
- Look beyond the advertised payment. Compare APR, required monthly payments over time, and total costs. A low initial HELOC payment may not reflect what is owed once the rate or repayment phase changes.
- Ask for an itemized fee list. Depending on the plan, HELOC costs can include application, closing, annual, inactivity, cancellation, or rate-conversion fees. Home equity loans can also have fees and closing costs; ask each lender which charges apply and when they are due. (CFPB: Common HELOC fees; CFPB home equity loan guidance)
- Check whether the payment fits your budget. Consider your ability to pay during the full term, including a potential HELOC payment increase at repayment transition, rather than assuming you can refinance or sell later.
Understand the collateral risk
A home equity loan or HELOC is secured by your home. If payments become unaffordable and you fail to repay, you could lose the property through foreclosure. Flexible access to funds or a lower initial payment does not remove that risk. The CFPB advises borrowers to consider fees and costs as well as monthly payment when comparing a home equity loan. (CFPB home equity loan guidance; CFPB HELOC guidance)
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What the historical averages can—and cannot—tell you
The September 27, 2024 figures provide a dated benchmark for that day’s reported averages. They do not establish today’s rates, the rate you would qualify for, the fees a lender would charge, or the total cost of a particular borrowing plan. Lenders set offers based on their own terms and borrower-specific underwriting, so obtain current quotes and compare written disclosures rather than treating a historical average as a personal estimate.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
