HELOC interest rates are under 9%, with introductory rates typically much lower. Bank of America reports an average APR of 8.72% for a 10-year draw HELOC. Homeowners hold over $34 trillion in home equity, making it the third-largest amount on record. Accessing value through a HELOC can be a smart move.

HELOC rates differ from primary mortgage rates, based on an index rate plus a margin. National HELOC rates may include introductory rates lasting six months to a year. The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. LendingTree is offering rates as low as 6.75% for a $150,000 credit line.

For homeowners with low primary mortgage rates, now is a great time to consider a HELOC. By tapping into home equity, you can finance home improvements, repairs, or even a vacation. Remember to shop around for the best rates and compare fees and repayment terms. HELOCs are best for short-term borrowing and repayment.

Read more at Yahoo Finance: How to find a below-market HELOC rate