Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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Average HELOC Rate Holds Steady at 7.208% and Home Equity Loan Rate at 6.905%
The average HELOC rate held steady at 7.208% APR between October 29 and November 4, and the average home equity loan rate held steady at 6.905%. The prime rate remains 7.00%.
The average HELOC rate was 7.208% APR on both October 29 and November 4, and the average home equity loan rate held steady at 6.905%, from 6.908%. The prime rate was 7.00% on both dates, so the rate on an open HELOC did not change this week. The average HELOC rate is 0.022 percentage points below the 7.230% of October 22.
Key takeaways
- The average HELOC rate held steady at 7.208% APR, on 1,145 institutions and 2,081 rates.
- The average home equity loan rate held steady at 6.905%, from 6.908% on October 29, on 980 institutions and 3,774 rates.
- The prime rate has been 7.00% since September 16, and a HELOC rate changes only when the prime rate changes.
- Interest on a $75,000 HELOC balance at the 7.208% average is about $450.50 a month; a $60,000 home equity loan over 10 years at the 6.905% average has a payment of about $693.72.
HELOC and home equity loan rates held steady at 7.208% and 6.905%
Home equity loan and HELOC rates, national average APR since April 13
Average APRs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.
The average HELOC rate was 6.779% on September 16, 7.084% on October 6, 7.166% on October 14, 7.230% on October 22, 7.208% on October 29 and is 7.208% on November 4.
The average home equity loan rate was 6.745% on September 16, 6.872% on October 6, 6.868% on October 14, 6.884% on October 22, 6.908% on October 29 and is 6.905% on November 4. Both averages are made from each institution's most recent rate, so a change in which institutions are in the pool can move an average as easily as lenders changing their rates.
Interest on a $75,000 HELOC balance and the payment on a $60,000 home equity loan
At the 7.208% average, a $75,000 HELOC balance accrues about $450.50 a month in interest during the draw period, and each quarter point of rate adds $15.63 a month. A $60,000 home equity loan over 10 years at the 6.905% average has a fixed payment of about $693.72 a month, with roughly $23,246 in total interest. The mortgage affordability calculator and the debt consolidation calculator both start from today's average rates, computed daily from more than 8,000 banks and credit unions, and state figures can be loaded.
Change since October 29, by product (percentage points)
This report's averages, October 29 to November 4. Red bars rose; green bars fell.
HELOC and home equity loan APRs, October 29 and November 4
| Product | October 29 APR | November 4 APR | Change Since October 29 |
|---|---|---|---|
| HELOCs Variable rate; borrowed as needed up to a set limit | 7.208% | 7.208% | ■ 0.000 |
| Home Equity Loans ▼Fixed rate; borrowed as one lump sum | 6.908% | 6.905% | ▼ -0.003 |
| More on borrowing against your home: home equity loan vs HELOC · compare home equity rates | |||
| All APRs are national averages of what real licensed institutions are actually offering to borrowers, not promotional teaser rates or rate aggregator estimates. This comparison runs October 29 to November 4, 2026. HELOC rates are variable and tied to the prime rate; home equity loan rates are fixed. Source: MonitorBankRates.com. | |||
How a HELOC rate is set and when it changes
A HELOC rate is quoted as the prime rate plus a margin each lender chooses. The margin in the agreement is locked, and the rate on an open HELOC changes whenever the prime rate changes. The prime rate rose from 6.75% to 7.00% on September 16, after the Federal Open Market Committee raised its target range to 3.75% to 4.00%, and it has not changed since the committee held that range on October 28. The average HELOC rate was 6.779% on September 16 and is 7.208% on November 4; the average home equity loan rate went from 6.745% to 6.905% over the same 49 days. Existing home equity loan payments do not change.
Lump sum or line of credit: what each product gives a borrower
A home equity loan pays out one lump sum at a fixed rate, with the same payment every month until it is repaid. A HELOC is a limit a borrower draws against as needed, usually with interest due during a draw period and the rate following the prime rate. Our guide to the differences between a home equity loan and a HELOC covers both in detail.
Home equity averages on November 4
HELOCs average 7.208% and home equity loans 6.905%. Borrowers comparing local offers can line up Pennsylvania home equity loan rates against these national averages. The APR any borrower is quoted depends on credit profile, equity position, loan size, and lender.
Borrowers who need a lender can search our mortgage lenders and brokers directory by location, including mortgage lenders in Pittsburgh, Pennsylvania.
Data Coverage & Methodology
All APRs in this report are calculated from rates collected directly from institution websites by MonitorBankRates.com's proprietary systems, tracking what real licensed institutions are actually offering to borrowers, not promotional teaser rates or rate aggregator estimates.
As of November 4, 2026, these averages were calculated from 5,855 individual rates verified across both products; the latest collection ran November 3, 2026. The table below shows the institutions and rates behind each product's average.
| Product | Institutions | Rates Verified |
|---|---|---|
| HELOCs | 1,145 | 2,081 |
| Home Equity Loans | 980 | 3,774 |
| Total | 5,855 |
Product counts overlap because many institutions offer both a home equity loan and a HELOC. Product rows reflect the institutions and rates that fed each product's most recent verified nightly average.
This report is for general information and is not financial advice. The APR any borrower receives depends on credit profile, equity position, loan size, and lender; confirm current offers with lenders before making decisions.
