Home equity loan rates are currently just above 8%, making them a relatively inexpensive option for borrowing money compared to personal loans and credit cards, which usually carry much higher interest rates. For those considering a $60,000 home equity loan, locking in a fixed rate before a potential increase by the Federal Reserve on September 16 could be a smart move. According to Money.com, the average rate for a home equity loan is now 8.14%. If a borrower takes out a $60,000 loan at this rate, they would pay approximately $732.41 each month for 10 years or $578.25 per month over 15 years. These figures help borrowers understand how much they could expect to pay based on the length of their repayment period. For context, if the same loan had been taken out in January of this year, when rates were slightly lower (8.10% for a 10-year loan and 8.09% for a 15-year loan), monthly payments would have been approximately $731.14 for 10 years and $576.51 for 15 years. In contrast, about a year ago, when rates were higher (8.34% for a 10-year loan and 8.21% for a 15-year loan), the monthly payments would have been around $738.79 for a 10-year loan and $580.69 for a 15-year loan. Overall, a $60,000 home equity loan taken out this September would result in monthly payments between approximately $578 and $732, depending on the repayment term. These rates are slightly higher than those at the start of 2026 but lower than they were at the same time in September 2025. Borrowers are encouraged to compare offers from multiple lenders before committing, as waiting could lead to higher interest costs if the Federal Reserve raises rates later this month.