Most banks, including Bank of America, use the U.S. Prime Rate as published in The Wall Street Journal as the index for HELOCs. The index, and consequently the HELOC interest rate, can move up or down. The other component of a variable interest rate is a margin, which is added to ...
An index is a financial indicator used by banks to set rates on many consumer loan products. Most banks, including Bank of America, use the U.S. Prime Rate as published inThe Wall Street Journalas the index for HELOCs. The index, and consequently the HELOC interest rate, can move up or...