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

The average interest rate for a 15-year fixed-rate home equity loan is currently 5.82%. The average rate for a variable-rate home equity line of credit is 5.61%. Average home equity interest rates. Loan type Average rate Range 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. Also know, what is a good rate for a home equity loan?Current home equity loan interest rates range between 3.75percent and 11.99 percent depending on the lender, loan amount and creditworthiness of the borrower. Our list of the best home equity loans for 2020 can help you decide which loan might work best for your needs.Beside above, 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. Keeping this in consideration, 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% 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.