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PRIME RATE HISTORY (1989 - 2006)
 
 
  2006 July 8.25%
    May 8.00%
    March 7.75%
    Jan 7.50%

  2005 Dec 7.25%
    Nov 7.00%
    Sep 6.75%
    Aug 6.50%
    June 6.25%
    May 6.00%
    Mar 5.75%
    Feb 5.50%

  2004 Dec 5.25%
    Nov 5.00%
    Sept 4.75%
    Aug 4.50%
    July 4.25%

  2003 June

4.00%


 

2002

Nov

4.25%


  2001 Dec

4.75%

    Nov

5.00%

    Oct

5.50%

    Sept

6.00%

    Aug

6.50%

    June

6.75%

    May

7.00%

    April

7.50%

    March

8.00%

    Feb

8.50%

    Jan

9.00%


  2000 May

9.50%

    March

9.00%

    Feb

8.75%


  1999 Nov 8.50%
    Aug 8.25%
    July 8.00%

  1998 Nov

7.75%

    Oct

8.00%

    Sep

8.25%


  1997

Mar

8.50%


  1996 Jan

8.25%


  1995 Dec

8.50%

    July

8.75%

    Feb

9.00%


  1994 Nov

8.50%

    Aug

7.75%

    May

7.25%

    April

6.75%

    Mar

6.25%


  1992 Mar

6.00%


  1991 Dec

6.50%

    Nov

7.50%

    Sep

8.00%

    May

8.50%

    April

9.00%

    Feb

9.00%

    Jan

9.50%


  1989 July

10.50%

    June

11.00%

    Feb

11.50%

       
 
Home Equity Lines & Loans

There are many advantages of securing a home equity line against your home's value.  Whether you need to consolidate debt or simply enjoy the reassurance behind having an emergency line of credit it's important to understand how home equity lines can benefit you.  Some of the most popular ways consumers use home equity lines are:

Consolidate credit card debt
Probably the reason why most consumers take a home equity loan along with a possible tax deduction and easier approval criteria than unsecured personal loans.

Home Improvement
Use the existing equity in your home to make improvements such as another floor, an additional bedroom or even a garage.

Emergency Line of Credit
Once a home equity line of credit has been established many lenders will allow you to draw on this line for an extended period of time (usually 10 years minimum) without the consumer having to qualify again.

Avoid Private Mortgage Insurance (PMI)
If you are putting less than 20% down on a new home many lenders will require PMI (private mortgage insurance) however combining a traditional first mortgage with a home equity line may alleviate the need for this insurance.

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