HELOC interest rates are currently under 9%, with some lenders offering low introductory rates for six months or longer. Bank of America, the largest HELOC lender, reports an average APR of 8.72% for a 10-year draw HELOC. Homeowners hold over $34 trillion in home equity, the third-highest on record.

Second mortgage rates are based on an index rate plus a margin, often starting at the prime rate of 7.50%. Lenders have pricing flexibility, so rates can vary based on credit score, debt amount, and credit line value. National HELOC rates include introductory rates that may rise substantially after the initial period.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. HELOCs allow homeowners to easily access and repay their home equity up to the credit limit. FourLeaf Credit Union currently offers a 6.49% introductory rate for 12 months on lines up to $500,000.

It’s a good time for homeowners with low mortgage rates to consider a HELOC. By keeping their low-rate mortgage and using a HELOC for expenses like home improvements, repairs, or even a vacation, homeowners can access their equity without giving up their favorable mortgage terms.

For a $50,000 draw on a $400,000 home with a 10-year draw and 20-year repayment period HELOC, the monthly payment at an 8.75% variable interest rate would be around $395. While the terms may sound appealing, it’s important to repay the balance within a shorter timeframe to avoid a long-term loan.

Read more at Yahoo Finance: The rate today likely won’t be the rate you’ll pay; here’s why