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Best Home Equity Loan Rates

Our mission at Bankrate is to empower you to make smarter financial decisions. We've been comparing and researching financial institutions for over 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure our content is not influenced by advertisers. Additionally, our content is meticulously reported and aggressively edited to ensure accuracy.

Bankrate analyzes loans to compare interest rates, fees, affordability, online tools, repayment terms and funding speed to help readers feel confident in their financial decisions. Our meticulous research by loan experts determines the advantages and disadvantages of the best lenders.

When shopping for a home loan, look for a competitive interest rate, repayment terms that meet your needs with minimal fees. The loan details provided here are valid as of the date of publication. Check the lenders' websites to see if there is more up-to-date information. The best lenders listed below are selected based on factors such as annual interest rate, loan amounts, fees, credit requirements and wide availability.

What are today's average home equity loan interest rates?

Loan Type Average Rate Average Rate Range

Home Equity Loan 1.01% 6.45% -8.16%

10 years fixed home equity 7.08% 6.17% -7.97%

15 years fixed home equity 7.04% 6.34% - 8.44%

To conduct research on national averages, Bankrate obtains pricing information from the 10 largest banks and the prosperity of 10 major US markets. The rates shown above are calculated using a loan or line amount of $30,000, with a FICO score of 700 and a combined loan-to-value ratio of 80 percent.

Best home loan rates

The best home equity lenders offer a variety of repayment terms, low interest rates and low fees. Each lender will assess your eligibility differently, so shopping around can help you find the best deal. Your rates will depend on your credit score, your income, your equity and more, with the lowest rates going to the most creditworthy borrowers.


Find $35,000 - $300,000 10-30 Years 6.99% - 12.99% Low Rates

BMO Harris Bank $25,000 - $150,000 5-20 years starting at 6.44% Various loan options

KeyBank $25,000 - $250,000 from 1 to 30 years starting at 7.6% Homeowners Equity

Spring EQ Up to $500,000 Indefinite Indefinite Quick Funding

Flagstar Bank $10,000 - $500,000 10-20 years starting at 7.79% flexible loan terms

US Bank $15,000 - $750,000 up to 30 years starting at 6.1% low fees at a national bank

Third Federal $10,000 - $200,000 5-20 years starting at 4.99% Customer Service

Frost starting at $2,000 7-20 years starting at 5.34% low fees at a regional bank

Connexus Credit Union Starting $5000 5-20 Years Starting 4.15% Branch Network

Regional Bank $10,000 - $250,000 7-20 years starting at 5.25% customer experience

Note: The APRs above are effective as of August 2022. The exact APR you may be eligible for depends on your credit score and other factors, such as whether you're an existing customer or enrolled in Automatic Payments.

Discover: Best home loan at low rates

Overview: Discover is well known for its rewards credit cards, but this national bank also offers a full range of banking services, such as checking accounts, savings accounts, personal loans and student loans. We chose this bank as the best for low rates because of its national reach (Discover is available in all 50 states and Washington DC) and low rates.

Why Discover is the best low-rate homebuyer loan: APR starts at 6.99 percent.

Benefits: Discover home equity loans allow you to borrow up to $300,000 against your home equity. You can choose a loan term of 10, 15, 20 or 30 years. In addition, borrowers will pay no construction fees, application fees, home appraisal fees or cash at closing. It is a solid option available to most borrowers across the country.

What to look out for: The best rates go to customers with excellent credit, so if your credit score needs work, you may want to look elsewhere. Also, borrowers who pay off their loans within 36 months may have to pay Discover-covered closing costs (up to a maximum of $500).