Daily HELOC rates on December 21, 2023: Rates are still steady
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Published 3:20 p.m. UTC Dec. 21, 2023
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Today’s home equity line of credit (HELOC) rates, if you borrow $100,000, are 9.12% with a 60% loan-to-value (LTV) ratio, 9.27% with 80% and 9.95% with 90%.
Today’s HELOC rates
*Data accurate as of December 20, 2023, the latest data available.
Current HELOC rate trends
Here is the average annual percentage rate (APR) for a $100,000 HELOC at different LTV ratios — 60%, 80% and 90%.
HELOC rates: 60% LTV ratio
The HELOC rate today for a borrower with an LTV ratio of 60% sits at 9.12%. This means it's risen from 9.10% last week, according to data from Curinos. Last month, the rate was at 9.08%.
HELOC rates: 80% LTV ratio
The average HELOC rate if you have an LTV ratio of 80% rose to 9.27% from 9.25% last week, according to data from Curinos. This is up from last month's 9.24%.
HELOC rates: 90% LTV ratio
Today’s average HELOC rate is 9.95% with a 90% LTV ratio which is the same as last week, according to data from Curinos. This is an increase from last month's 9.94%.
Before you borrow, compare the best HELOC lenders.
A good HELOC rate is generally considered to be a rate lower than the national average. Keep in mind that the better your credit and income are, the lower your rate could be.
Note that HELOC rates also usually go up if the Federal Reserve raises the federal funds benchmark rate.
During the COVID-19 pandemic, many banks stopped offering HELOCs due to uncertainty surrounding the economy. However, numerous banks have resumed offering HELOCs to customers today.
There are many reasons why you might not qualify for a HELOC. For example, a lender could deny your application if:
- Your LTV ratio is too high.
- Your DTI ratio is too high.
- Your credit score is too low.
- You don’t have a history of on-time payments.
- You don’t have a stable source of income.
If you can’t qualify for a HELOC because of any of the above reasons, your best option is likely to work on paying down debt along with building more equity in your home.
There are also some alternatives to consider if you’re disqualified. For example, a home equity loan or personal loan could be a good option. Unlike HELOCs, both of these alternatives generally come with fixed interest rates, giving you predictable payments over the life of the loan. However, you might end up with a higher interest rate than you would with a HELOC.
Additionally, home equity loans and personal loans are paid out in lump sums — meaning you’ll need to know exactly how much you need to borrow before applying.
Explore the difference: HELOC vs. home equity loan
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