Using home equity is "certainly a less expensive borrowing option than resorting to personal loans or credit cards," McBride said.
As of August 7, the current average home equity loan interest rate is 8.59%, according to Bankrate.
The average HELOC interest rate is 9.37%.
To compare, the average personal loan interest rate is 12.38% , Bankrate found.
The average credit card interest rate stands at 24.92%, according to LendingTree.
Persons:
Iuliia, McBride, Bankrate, Houzz, Jessica Lautz, We've
Organizations:
Houzz, National Association of Realtors, NAR
Locations:
U.S