Abbreviations and definitions of terms that are used
HELOC – Home Equity Line of Credit
Definition
This type of loan is similar to credit card where in the borrowers are set a credit limit for a period of time during this time the money can be drawn as and when required. The monthly payment for this type of loans varies as it is based on the amount of money drawn and the current rate of interest.
Home Equity Loans with fixed rate of interest offers the borrowers the money in advance and are expected to pay over a period time with constant rate of interest. This loan is otherwise called as Home Equity Loans.
National Interest rates for HELOC and Home Equity Loans
The current rates of interest for different types of Home Equity loans and Home Equity Line of credit are given below:
|
Type of loan |
Interest rates as of June 4, 2007 |
|
$30KHELOC |
6.15% |
|
$50KHELOC |
5.71% |
|
$75K HELOC |
5.71% |
|
$30K Home Equity Loan |
7.66% |
|
$50K Home Equity Loan |
7.12% |
|
$75K Home Equity Loan |
7.02% |
Source: Yahoo! Real Estate
The most widely used types of loans are $30K Home Equity Loans and $30K HELOC. Hence, they are taken in consideration. The highest, lowest and average rates in each state are provided.
Rates for $30K Home Equity Loans as May 28, 2007
|
State |
Highest Rate in percentage |
Lowest Rate in percentage |
Average Rate in percentage |
|
Alabama |
9.30 |
6.69 |
7.79 |
|
Alaska |
9.43 |
6.95 |
7.96 |
|
Arizona |
10.08 |
6.69 |
7.81 |
|
Arkansas |
9.25 |
6.69 |
7.67 |
|
California |
9.74 |
6.25 |
7.82 |
|
Colorado |
9.19 |
6.69 |
7.61 |
|
Connecticut |
8.5 |
5.25 |
7.53 |
|
Delaware |
8.5 |
6.69 |
7.51 |
|
District of Columbia |
9.14 |
6.69 |
7.83 |
|
Florida |
9.03 |
6.69 |
7.68 |
|
Georgia |
9.02 |
6.69 |
7.69 |
|
Hawaii |
7.75 |
6.95 |
7.44 |
|
Idaho |
9.43 |
6.69 |
7.78 |
|
Illinois |
9.06 |
6.5 |
7.54 |
|
Indiana |
9.11 |
6.69 |
7.48 |
|
Iowa |
9.14 |
6.69 |
7.71 |
|
Kansas |
10.08 |
6.69 |
7.69 |
|
Kentucky |
9.24 |
6.69 |
7.54 |
|
Louisiana |
9.88 |
6.69 |
7.59 |
|
Maine |
8.99 |
6.69 |
7.82 |
|
Maryland |
9.14 |
6.47 |
7.64 |
|
Massachusetts |
8.5 |
6 |
7.47 |
|
Michigan |
8.5 |
5.99 |
7.49 |
|
Minnesota |
10.08 |
6.69 |
7.66 |
|
Mississippi |
9 |
6.69 |
7.6 |
|
Missouri |
9.14 |
6.69 |
7.64 |
|
Montana |
9.44 |
6.5 |
7.75 |
|
Nebraska |
9.12 |
6.69 |
7.69 |
|
Nevada |
8.93 |
6.69 |
7.88 |
|
New Hampshire |
8.5 |
6.69 |
7.44 |
|
New Jersey |
8.64 |
6.25 |
7.58 |
|
New Mexico |
9.44 |
6.69 |
7.8 |
|
New York |
8.99 |
6.69 |
7.73 |
|
North Carolina |
9.02 |
6.69 |
7.63 |
|
North Dakota |
8.86 |
6.69 |
7.6 |
|
Ohio |
8.99 |
6.49 |
7.44 |
|
Oklahoma |
9.25 |
6.69 |
7.72 |
|
Oregon |
9.43 |
6.69 |
7.67 |
|
Pennsylvania |
8.5 |
6.25 |
7.45 |
|
Rhode Island |
8.5 |
6.69 |
7.54 |
|
South Carolina |
8.5 |
6.69 |
7.68 |
|
South Dakota |
9 |
6.69 |
7.7 |
|
Tennessee |
9.3 |
5.99 |
7.71 |
|
Texas |
9.3 |
6.74 |
8.04 |
|
Utah |
9.19 |
6.69 |
7.72 |
|
Vermont |
8.99 |
6.69 |
7.67 |
|
Virginia |
9.14 |
6.69 |
7.64 |
|
Washington |
9.92 |
5.75 |
7.76 |
|
West Virginia |
9.24 |
6.69 |
7.56 |
|
Wisconsin |
10.25 |
6.69 |
7.78 |
|
Wyoming |
9.19 |
6.69 |
7.78 |
Source: Bankrate.com’s daily Your Best Interest report
Ten states with lower average rates are Hawaii, New Hampshire, Ohio, Pennsylvania, Massachusetts, Indiana, Michigan, Delaware, and Connecticut.
.Rates for $30K Home Equity Line of Credit as of May 28, 2007
|
State |
Highest Rate in percentage |
Lowest Rate in percentage |
Average Rate in percentage |
|
Alabama |
9.50 |
1.00 |
5.90 |
|
Alaska |
10.18 |
3.99 |
7.48 |
|
Arizona |
10.09 |
1.00 |
6.02 |
|
Arkansas |
9.50 |
1.00 |
5.98 |
|
California |
10.00 |
1.00 |
6.04 |
|
Colorado |
9.94 |
1.00 |
6.01 |
|
Connecticut |
9.25 |
1.00 |
6.51 |
|
Delaware |
8.75 |
1.00 |
6.22 |
|
District of Columbia |
9.50 |
1.00 |
5.96 |
|
Florida |
10.25 |
1.00 |
6.11 |
|
Georgia |
9.75 |
1.00 |
6.12 |
|
Hawaii |
8.25 |
3.99 |
6.49 |
|
Idaho |
9.94 |
1.00 |
6.30 |
|
Illinois |
10.19 |
1.00 |
6.37 |
|
Indiana |
9.83 |
1.00 |
6.30 |
|
Iowa |
10.19 |
1.00 |
6.34 |
|
Kansas |
9.53 |
1.00 |
5.81 |
|
Kentucky |
9.25 |
1.00 |
6.17 |
|
Louisiana |
9.38 |
1.00 |
5.86 |
|
Maine |
9.25 |
1.00 |
6.21 |
|
Maryland |
9.50 |
1.00 |
5.72 |
|
Massachusetts |
8.75 |
1.00 |
6.35 |
|
Michigan |
9.25 |
1.00 |
6.28 |
|
Minnesota |
9.83 |
1.00 |
5.80 |
|
Mississippi |
9.38 |
1.00 |
5.58 |
|
Missouri |
10.25 |
1.00 |
6.13 |
|
Montana |
9.69 |
1.00 |
5.93 |
|
Nebraska |
10.19 |
1.00 |
5.76 |
|
Nevada |
10.19 |
1.00 |
6.13 |
|
New Hampshire |
8.75 |
1.00 |
5.87 |
|
New Jersey |
9.25 |
1.00 |
6.20 |
|
New Mexico |
9.94 |
1.00 |
5.89 |
|
New York |
9.25 |
1.00 |
6.18 |
|
North Carolina |
9.50 |
1.00 |
5.77 |
|
North Dakota |
9.83 |
1.00 |
6.32 |
|
Ohio |
8.94 |
1.00 |
6.53 |
|
Oklahoma |
9.25 |
1.00 |
5.59 |
|
Oregon |
10.19 |
1.00 |
5.86 |
|
Pennsylvania |
8.75 |
1.00 |
6.31 |
|
Rhode Island |
8.49 |
1.00 |
5.52 |
|
South Carolina |
9.25 |
1.00 |
5.25 |
|
South Dakota |
9.83 |
1.00 |
5.98 |
|
Tennessee |
9.50 |
1.00 |
6.17 |
|
Texas |
9.93 |
4.99 |
7.87 |
|
Utah |
9.94 |
1.00 |
6.15 |
|
Vermont |
8.94 |
1.00 |
5.79 |
|
Virginia |
9.50 |
1.00 |
5.87 |
|
Washington |
10.18 |
1.00 |
6.17 |
|
West Virginia |
9.25 |
1.00 |
5.40 |
|
Wisconsin |
9.58 |
1.00 |
6.30 |
|
Wyoming |
9.94 |
1.00 |
5.60 |
Source: Bankrate.com’s daily Your Best Interest report
Ten states with lower average rates are South Carolina, West Virginia, Rhode Island, Mississippi, Oklahoma, Wyoming, Maryland, Nebraska, and North Carolina.