Caroline Basile

1 week ago | forbes.com | Caroline Basile |Ashley Harrison

A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home’s value as a revolving line of credit. Both options use your property as collateral for your payments, which means your lender can seize your property if you can’t repay what you borrow.

1 week ago | forbes.com | Caroline Basile |Jordan Tarver

Today’s average mortgage rate on a 30-year fixed-rate mortgage is 6.85%, down 0.14 percentage point from the previous week, according to the Mortgage Research Center. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, which will typically have a lower rate than a 30-year, fixed-rate home loan. The average APR on a 15-year fixed mortgage is 5.99%.

1 week ago | forbes.com | Caroline Basile |Jordan Tarver

The rate on a 30-year fixed refinance decreased to 6.94% today, according to the Mortgage Research Center. Rates averaged 5.94% for a 15-year financed mortgage and 6.75% for a 20-year financed mortgage. Related: Compare Current Refinance RatesAt 6.94%, the average rate on a 30-year fixed-rate mortgage refinance is down 0.14 point from a week ago. On a 30-year fixed mortgage refi, the APR (annual percentage rate) is 6.97%, lower than last week's 7.11%.

1 week ago | forbes.com | Caroline Basile |Ashley Harrison

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home’s value and pay that amount back in monthly installments. A home equity line of credit is a variable-rate second mortgage that draws on your home’s value as a revolving line of credit.

1 week ago | forbes.com | Caroline Basile |Jordan Tarver

The rate on a 30-year fixed refinance fell to 6.94% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.96%. For 20-year mortgage refinances, the average rate is 6.76%. Related: Compare Current Refinance RatesThe current 30-year, fixed-rate mortgage refinance average rate stands at 6.94%, versus 6.9% last week. The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.97%, higher than last week's 6.93%.