The average HELOC rate is 7.64%, the lowest of the year, but may not drop further. Homeowners have over $34 trillion in home equity, the third-highest ever. HELOC rates are different from primary mortgage rates, based on an index rate plus a margin. Best lenders offer low fees and fixed-rate options.

With HELOC rates near 6%, homeowners can access home equity without giving up low primary mortgage rates. Rates vary from 6% to 18% depending on creditworthiness. HELOCs are best for short-term borrowing. It’s a good time to get a HELOC with low mortgage rates and equity.

To access $50,000 from a HELOC at 7.50% interest, the monthly payment during the 10-year draw period is about $313, but rates can change. Payments will increase during the 20-year repayment period. HELOCs are best for short-term borrowing and repayment.

Read more at Yahoo Finance: Lowest of the year, but will rates drop again before the end of the year?