HELOC Interest Rates

[Roshan K.]

Hello everyone,

I'm interested in getting a fixed rate HELOC, but am first curious what kind of interest rates people are getting?

I'm finding approximately Prime + 1%, so as of now, 5.25%. 

What interest rates are you getting?

Thanks,

Roshan

[Arlen Chou]

@Roshan K. just curious why you are looking for a "fixed rate" HELOC. Most people are using the HELOC almost like a bridge loan until their projects are done or they can get a long term fixed rate. Therefore, the period of time the interest is placed on the credit used is relatively short. If you look at the variable rate HELOC products there are many that are prime MINUS 1% or even better...  As an example the HELOC that I have right now is at 2.74%.  I spoke to somebody last night who is closer to 2.2%.  I would argue that it would take many Fed increases for a sub 3% variable rate HELOC to go over the prime +1% of the fixed rate products.  Just something to consider...