Average rates for home equity lines of credit and home equity loans are under 8%, with some lenders offering introductory rates near 4%. The average rate for a HELOC is 7.25%, while a home equity loan has an average rate of 7.56%. Rates are based on a credit score of 780 and a CLTV of less than 70%.

Homeowners with equity and low mortgage rates may feel frustrated with limited access to their growing home value. The Federal Reserve estimates $34 trillion in locked equity. Second mortgages like HELOCs or HELs can provide a solution without sacrificing low rates.

HELOC rates are based on an index rate plus a margin, such as the prime rate at 6.75% plus a margin of 0.75% for a total rate of 7.50%. Home equity loans have fixed rates. Lenders have flexibility in pricing, so shopping around is recommended based on credit score and debt amount.

Some national average HELOC rates may include introductory rates lasting 6-12 months before becoming adjustable. Home equity loans typically do not have teaser rates. Best lenders offer low fees, fixed-rate options, and generous credit lines for easy access to home equity.

It’s a good time for homeowners with low mortgage rates and equity to consider a HELOC or home equity loan. You can use the cash for improvements or anything else without giving up your favorable mortgage rate. Rates can vary from 6% to 18%, with national averages at 7.25% for a HELOC and 7.56% for a home equity loan.

Withdrawals from a HELOC can have variable rates, with monthly payments of around $313 for a $50,000 withdrawal at 7.50% interest during the draw period. HELOCs are best for shorter borrowing periods to avoid increased payments over the 20-year repayment period.

Read more at Yahoo Finance: Beat these rates and you’ve got a deal