HELOC interest rates nationwide range from 8.05% to 9.59% APR, varying by location and credit history. Bank of America reports an average APR of 8.72% on a 10-year draw HELOC. Homeowners have over $34 trillion in home equity, the third-largest on record. It’s a good time to consider a HELOC with rates ranging from 7% to 18%.

Accessing home equity with a HELOC is a great option, with rates based on an index rate plus a margin, often starting at 8.50%. Lenders offer flexibility in pricing, so shop around for the best rate based on credit score and debt amount. Keep your low-rate primary mortgage and consider a second mortgage like a HELOC.

Some lenders offer introductory rates as low as 6.49% for 12 months, converting to a variable rate later. HELOCs allow you to use your home equity up to the credit line limit and pay interest only on what you borrow. FourLeaf Credit Union offers a competitive HELOC rate at 6.49% for 12 months.

HELOCs are a powerful tool to tap into home equity as needed, with the ability to leave some credit available for future use. Pay interest only on the amount borrowed and enjoy the flexibility of using your home equity for various needs. Consider repayment terms, fees, and minimum draw amounts when comparing lenders.

For homeowners with low primary mortgage rates and equity in their homes, now is an opportune time to consider a HELOC. Utilize the cash drawn from equity for home improvements, repairs, upgrades, or even fun expenses like vacations, with the discipline to pay it off promptly. HELOCs are beneficial for short-term borrowing and repayment.

Read more at Yahoo Finance: There are two rates to compare. Here’s what we mean