Steady HELOC rates offer opportunities to access home equity for improvements

HELOC interest rates remain steady as home equity continues to grow. With over $34 trillion in home equity nationwide, accessing cash through a HELOC allows homeowners to make home improvements or upgrades without refinancing. The average rate for a 10-year draw HELOC is currently 8.90%.

HELOCs offer flexibility in accessing home equity without affecting primary mortgage rates. Lenders like Bank of America provide introductory rates, but be aware that rates can vary depending on credit score and debt amount. Shop around for the best rates and terms to maximize your home equity.

FourLeaf Credit Union is offering an introductory HELOC rate of 6.49% for 12 months on lines up to $500,000. This rate converts to a variable rate later on. Consider the fees, repayment terms, and minimum draw amount when comparing lenders for a HELOC.

With HELOC rates ranging from 7% to 18%, it’s crucial to research and compare rates to find the best option based on creditworthiness. Homeowners with low primary mortgage rates and substantial equity can benefit from a HELOC for home improvements or other expenses while maintaining their existing mortgage rate.

Read more at Yahoo Finance: The home equity line of credit rate stands firm