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Second Mortgage Rate Update

According to California mortgage consultant, Pete Gaddi, second mortgage requests are rising rapidly from borrowers in the last month.  Gaddi said borrowers are seeking 2nd mortgage cash to finance home repairs or to consolidate credit card debt. Home equity loan rates were reported virtually unchanged last week. The average second mortgage rate for a ten-year home equity loan was down to 7.612%, the prior week’s average 10-year home equity rate was 7.616%. While rates on a fifteen-year equity loan decreased to 7.737%, down from the prior week’s average rate of 7.742%.

Rates for Home equity line of credit rose to 4.805% this week, up from last week’s average home equity line rate of 4.800%. Home equity line of credit rates haven’t changed much recently so if you’re in the market for a short term loan a home equity line is probably the way to go. Remember that home equity line of credit rates are not fixed rate mortgages and that interest rates can rise with the variable rate index. Smart Home Equity posts free home equity rate tables so you can search for today’s interest rates on equity loans, home equity lines or cash out refinancing.

Posted in 2nd Mortgage Tips, Home Equity News, Mortgage News, Mortgage Refinancing News. Tagged with , , , , , .

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