Interest.com's July 2 national survey of home equity rates, found the average cost for a $30,000:

Home equity line of credit rose to 5.50% from 5.47%, but remains near its lowest level since December 2004.

That's almost two-and-three-quarter points below the 8.20% we were paying this time last year and also in July 2006, when it was 8.23%.

Home equity loan rose again, moving to 7.91 from 7.85%. That's not too much lower than the 8.07% we were paying this time last year and it's actually more than the 7.85% we paid in July 2006.

You can check our extensive database to find the best home equity loan rates in your area.

Our home equity calculator will help you figure out what the payments will be for any home equity loan or line of credit, whatever the interest rate may be.