What is the average interest rate on a home equity loan?

Average home equity interest rates Loan type Average rate Range 15-year fixed 5.82% 2.99%-9.03% 10-year fixed 5.60% 2.99%-9.99% 5-year fixed 5.28% 2.50%-9.99% HELOC 5.61% 3.50%-8.63% Click to see full answer. Correspondingly, are there closing costs on a home equity loan?Although costs and fees vary from one lender to another, closing costs for a home equity loan typically range anywhere from 2% to 5% of the loan, although some banks may pick up a share or waive them altogether. If you take out a $100,000 home equity loan and your closing costs are 4%, for example, you will pay $4,000.Subsequently, question is, are Home equity loan rates higher than mortgage rates? The interest rate on a first-lien home equity loan is typically higher than the rate on a 15-year fixed-rate mortgage. Home equity loans generally have much lower closing costs than standard first-lien mortgages. Most home equity loans have 15-year repayment periods. Hereof, are Home Equity Loans a Good Idea? Interest rates on home equity loans have historically been substantially lower than credit card and other non-secured loan interest rates. Also, mortgage interest is tax deductible. Getting tax credits, tax deductions and energy savings can make a home equity loan a very attractive idea.Which bank has the best home equity line of credit? Summary of Best HELOC Lenders of March 2020 Lender Best For Max LTV US Bank NerdWallet rating Learn more At U.S. Bank home equity lines of credit 90% PenFed NerdWallet rating Learn More at PenFed Credit Union home equity lines of credit 90% Chase NerdWallet rating Learn more at Chase home equity lines of credit 80%