One can compare rates for an equity home loan on the Money Supermarket website where they will find the lowest rates. One can also do this through Compare the Market and Go Compare.

The best way to compare home equity rates would be to call around to the different banks offering home equity services and getting their rates. If that is too much work for someone, there are plenty of websites that can help, including BankRate and Lending Tree.

Home loan rates fluctuate with the rise and fall of interest rates. These rates are affected by the stock market, economy, etc. Most people opt for this type of loan versus a home equity loan because it does not require the home for collateral.

The average interest rates on a home equity loan depends on which home equity loan in particular. For example, the $30 HELOC is averaged at an interest rate of 5%.

Home equity loan rates are second or third mortgage. The loan rates are based on loan risk. The bank sets higher rates for higher risk borrowers and lower rates for lower risk borrowers.