Brian McKay
Brian McKay
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Average HELOC Rate Falls to 7.206% While Home Equity Loan Rate Rises to 6.907%
The average HELOC rate fell 0.024 points to 7.206% APR between October 22 and October 28, while the average home equity loan rate rose 0.023 points to 6.907%. The Federal Reserve kept its target range at 3.75% to 4.00%, so the prime rate remains 7.00%.
The average HELOC rate fell 0.024 points to 7.206% APR between October 22 and October 28, while the average home equity loan rate rose 0.023 points to 6.907%. The HELOC average had risen in every report since September 16, when it was 6.779%, and this is the first decline in that run. The prime rate was 7.00% on both dates, so the rate on an open HELOC did not change this week; the average reflects what lenders are offering on new lines.
Key takeaways
- The average HELOC rate fell 0.024 points to 7.206% APR, from 7.230% on October 22, after five consecutive increases.
- The average home equity loan rate rose 0.023 points to 6.907%, from 6.884% on October 22; home equity loan rates are fixed once signed.
- The Federal Reserve kept its target range at 3.75% to 4.00% on October 28, so the prime rate remains 7.00%; on a $50,000 HELOC balance, a quarter point is about $10.42 a month in interest.
- A $50,000 HELOC balance at the 7.206% average runs about $300.25 a month in interest during the draw period, against $301.25 at the 7.230% average on October 22.
The average HELOC rate fell 0.024 points to 7.206%
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, 6.811% on September 22, 6.821% on September 29, 7.084% on October 6, 7.166% on October 14, 7.230% on October 22 and is 7.206% on October 28. It comes from 1,140 institutions and 2,044 rates.
The average home equity loan rate was 6.745% on September 16, 6.772% on September 22, 6.786% on September 29, 6.872% on October 6, 6.868% on October 14, 6.884% on October 22 and is 6.907% on October 28. It comes from 977 institutions and 3,757 rates. Moves this size can come from a change in which institutions are in the pool as easily as from lenders changing their rates.
What $50,000 costs a month on a HELOC and on a home equity loan
A HELOC rate is quoted as the prime rate plus a percentage the lender sets. The margin in the agreement is locked, and the rate on an open HELOC changes whenever the prime rate changes. At the 7.206% average, a $50,000 balance costs about $300.25 a month in interest during the draw period, and every quarter point of rate adds $10.42.
A home equity loan is borrowed as one lump sum at a fixed rate with the same payment every month. On $50,000 over 15 years at the 6.907% average, that payment is about $446.82, with roughly $30,427 in total interest. Our guide to the differences between a home equity loan and a HELOC covers both in detail, and the mortgage calculator and budget calculator can show how a payment fits a monthly budget.
Change since October 22, by product (percentage points)
This report's averages, October 22 to October 28. Red bars rose; green bars fell.
HELOC and home equity loan APRs, October 22 and October 28
| Product | October 22 APR | October 28 APR | Change Since October 22 |
|---|---|---|---|
| HELOCs ▼Variable rate; a credit line you draw as needed | 7.230% | 7.206% | ▼ -0.024 |
| Home Equity Loans ▲Fixed rate; borrowed as one lump sum | 6.884% | 6.907% | ▲ +0.023 |
| 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 22 to October 28, 2026. HELOC rates are variable and tied to the prime rate; home equity loan rates are fixed. Source: MonitorBankRates.com. | |||
The prime rate is 7.00% after the Fed's October 28 hold
The Federal Open Market Committee left its target range at 3.75% to 4.00% on October 28, the first meeting since the quarter-point increase on September 16. Two members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, dissented in favor of another quarter-point increase. The prime rate rose from 6.75% to 7.00% on September 16 and has not changed since, 42 days as of October 28. The average HELOC rate went from 6.779% to 7.206% over those 42 days, a difference of 0.427 points; the average home equity loan rate went from 6.745% to 6.907%, a difference of 0.162 points. Existing home equity loan payments do not change.
Homeowners insurance is a monthly cost beside the interest
A lender approving a HELOC or home equity loan requires proof of homeowners insurance for as long as a balance is owed, and the premium is paid on top of the monthly interest. The MBR Home Insurance Burden Index ranks all 50 states by how heavily those premiums weigh on homeowners.
Home equity averages on October 28
HELOCs average 7.206% and home equity loans 6.907%. Borrowers comparing local offers can line up Florida home equity loan rates against these national averages. The averages come from 1,140 institutions for HELOCs and 977 for home equity loans, and 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 Tampa, Florida.
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 October 28, 2026, these averages were calculated from 5,801 individual rates verified across both products; the latest collection ran October 27, 2026. The table below shows the institutions and rates behind each product's average.
| Product | Institutions | Rates Verified |
|---|---|---|
| HELOCs | 1,140 | 2,044 |
| Home Equity Loans | 977 | 3,757 |
| Total | 5,801 |
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.
