The national average HELOC rate hits a three-year low, with lenders offering aggressive introductory pricing. According to Curinos data, the average weekly HELOC rate is 7.44%. Homeowners hold nearly $36 trillion in home equity, the highest on record. With mortgage rates above 6%, accessing home equity through a HELOC is a viable option.

HELOC interest rates differ from primary mortgage rates, based on an index rate plus a margin. Lenders have pricing flexibility, so shopping around is crucial. National average HELOC rates may include introductory rates that later become adjustable. Keeping a low-rate primary mortgage while accessing home equity through a HELOC is advantageous.

The best HELOC lenders provide low fees, fixed-rate options, and generous credit lines. HELOCs offer flexibility in using home equity up to the credit line limit. FourLeaf Credit Union offers an introductory HELOC APR of 5.99% for 12 months on lines up to $500,000. Rates vary based on creditworthiness and lender terms.

HELOCs allow homeowners to tap into needed funds without paying interest on unused credit. Rates range from 6% to 18%, depending on creditworthiness and lender terms. Now is an optimal time for homeowners with low primary mortgage rates and significant home equity to consider a HELOC for various financial needs.

Utilizing a HELOC involves careful consideration of repayment terms and potential interest rate changes. HELOCs can be advantageous for short-term borrowing and prompt repayment. Keeping a disciplined approach to borrowing and repayment is crucial to avoid long-term debt. Monthly payments may increase during the repayment period, so careful financial planning is essential.

Read more at Yahoo Finance: Lowest rates in 3 years