Rates for home equity lines of credit and home equity loans are at historic lows. Bank of America offers a 4.74% variable HELOC rate for six months. The national average monthly HELOC rate is 7.25%, and the average home equity loan rate is 7.56%. Both rates are based on applicants with a minimum credit score of 780 and a CLTV of 70%.

Homeowners have $34 trillion in home equity. With mortgage rates near 6%, homeowners are unlikely to sell. Accessing home equity through a second mortgage may be a good alternative. Second mortgage rates are based on an index rate plus a margin, which can vary based on credit score and debt.

HELOC rates can have introductory rates lasting six months to one year. Home equity loans have fixed rates with no introductory teaser rate. Best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. FourLeaf Credit Union offers a 5.99% introductory rate for 12 months.

Best home equity loan lenders offer fixed rates for the repayment period. Rates vary from lender to lender. Consider fees and repayment terms when comparing rates. It may be beneficial to consider a HELOC or home equity loan now to access cash for home improvements.

Withdrawal of $50,000 from a HELOC with a 7.50% interest rate results in a $313 monthly payment during the draw period. HELOC rates are variable, so payments may increase during the 20-year repayment period. HELOC essentially becomes a 30-year loan.

Read more at Yahoo Finance: Introductory rates as low as 4.74%