A big drop in HELOC rates in the latest week. The $30,000 home equity line dropped 13 basis points to 7.04%, its lowest level since 2022, according to Bankrate’s national survey of lenders. In contrast, the five-year $30,000 home equity loan was unchanged, holding at 7.85%. Both HELOCs and home equity loans are the most affordable they’ve been in years, making them a more competitive borrowing option. “Homeowners have a tremendous amount of equity in their property,” says Michael Pearson, senior vice pr ...