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Rates for 30-year home loans have only increased eight times on a weekly basis so far this year – otherwise, they have.
Rates. The interest rate you pay on a home equity loan is usually higher than on a first mortgage. For instance, as of September 30, 2010, the interest on a fixed-rate home equity loan averaged 7.15 percent, compared to 4.5 percent for a 30-year fixed rate mortgage, according to Bankrate.
The home equity loan or second mortgage has a slightly higher interest rate than the interest rate on a first mortgage. The interest rate is higher because the lender’s claim to the property is considered to be riskier than that of the mortgage lender with a primary claim to the collateral property.
Much like using a credit card had a negative connotation in the past where swiping the plastic instead of using cash made it seem like you didn’t have the available funds, taking out a second mortgage.