Homeowners can access the value in their homes through a HELOC with an average interest rate below 9%. Rates vary by location but typically range from 8.05% to 9.59% APR. Bank of America reports an average APR of 8.72% for a 10-year draw HELOC.

With over $34 trillion in home equity, many homeowners are holding onto their low-rate mortgages. HELOCs offer an alternative to accessing home equity without giving up a primary mortgage. Rates for second mortgages like HELOCs are based on an index rate plus a margin.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines, allowing homeowners to use their home equity as needed. By tapping into their equity and paying it back, homeowners can continue building wealth through their low-interest primary mortgage.

Rates for HELOCs can vary significantly, ranging from nearly 7% to as much as 18%. The rate you qualify for depends on your creditworthiness and how carefully you shop around. FourLeaf Credit Union is currently offering a 6.49% introductory rate for HELOCs up to $500,000.

For homeowners with low primary mortgage rates and equity in their homes, now may be an ideal time to consider a HELOC. This allows homeowners to access cash for home improvements, repairs, or even fun expenses like vacations, all while maintaining their great mortgage rate.

Read more at Yahoo Finance: Under 9% as a national average, rates vary by location