HELOC national average rates are slipping closer to 7.5%, making it a good time to get a HELOC. The average weekly rate is 7.64%, down over 40 basis points since the start of the year. Homeowners have over $34 trillion in home equity, the third-largest amount on record.

With mortgage rates in the low-6% range, homeowners are unlikely to give up their primary mortgage. Accessing locked-in home equity through a HELOC can be a wise alternative. HELOC rates are different from primary mortgage rates, often based on an index rate plus a margin.

Lenders have pricing flexibility for second mortgage products like HELOCs, so shopping around is crucial. HELOC rates can include below-market introductory rates that may only last for a short period. Keeping your low-rate mortgage and considering a second mortgage can be beneficial.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. HELOC allows easy access to home equity for various needs. Paying down a low-interest-rate primary mortgage while using a HELOC can be a wealth-building strategy.

FourLeaf Credit Union offers a HELOC APR of 5.99% for 12 months on lines up to $500,000, which converts to a variable rate later. Rates vary from nearly 6% to 18% depending on creditworthiness. The power of a HELOC lies in tapping only what you need.

For homeowners with low primary mortgage rates and equity, getting a HELOC is a good idea. You can use the cash for home improvements, repairs, upgrades, or even fun things like vacations. Withdrawals from a HELOC can lead to a 30-year loan if not managed properly.

If you withdraw $50,000 from a HELOC at 7.50% interest, your monthly payment during the 10-year draw period would be around $313. Remember that the rate is variable, so payments will increase during the 20-year repayment period. HELOCs are best for short-term borrowing and repayment.

Read more at Yahoo Finance: National average moves closer to 7.5%