HELOC rates today are under 9%, with introductory rates ranging from 3.99% to 6.49% APR. Bank of America offers an average APR of 8.72% on a 10-year draw HELOC. Homeowners have over $34 trillion in home equity. HELOC interest rates are different from primary mortgage rates, based on an index rate plus a margin.

With mortgage rates in the high 6% range, homeowners are holding onto their primary mortgages. Accessing home equity with a HELOC can be a good alternative. Second mortgage rates depend on factors like credit score and debt amount. National HELOC rates may include introductory rates that increase after a certain period.

You can keep your low-rate primary mortgage and get a second mortgage like a HELOC. The best HELOC lenders offer low fees, fixed-rate options, and flexible credit lines. By using a HELOC, you can access your home equity and pay it back at your own pace. FourLeaf Credit Union offers a 6.49% APR for 12 months on lines up to $500,000.

HELOC rates vary from 7% to 18% depending on creditworthiness and lender. It’s a good time to get a HELOC for homeowners with low primary mortgage rates. Using a HELOC for home improvements or repairs is wise, but be cautious when using it for non-essential expenses like vacations. Monthly payments can vary based on the amount borrowed and interest rate. Consider a shorter repayment period for a HELOC.

Read more at Yahoo Finance: Unchanged for now, with an interest rate cut possible next month