Today, the average APR on a 10-year draw HELOC is 8.73%, up one basis point from Bank of America. Homeowners have over $34 trillion in home equity. HELOC rates are based on an index rate plus a margin, typically the prime rate at 7.50%. The best HELOC lenders offer low fees and flexible credit lines.

Accessing home equity with a HELOC can be beneficial without giving up a low-rate primary mortgage. Lenders have varying rates, so shop around for the best deal based on credit score and debt. Introductory rates can expire after six months, leading to adjustable rates. A HELOC allows for flexible borrowing and repayment options.

LendingTree offers a HELOC rate of 6.50% for a $150,000 credit line, likely with an introductory rate. Rates vary widely from 7% to 18% based on creditworthiness and lender. HELOCs allow you to borrow only what you need and leave the rest for future use. Use home equity for improvements, repairs, upgrades, or even fun expenses like vacations.

For a $50,000 draw on a $400,000 home with an 8.75% variable interest rate, monthly payments may be around $395. HELOCs with a 10-year draw and 20-year repayment period are best for short-term borrowing and repayment. Consider the total loan term before taking on long-term debt through a HELOC.

Read more at Yahoo Finance: Home equity line of credit rates remain steady