Interest rates on home equity lines of credit (HELOCs) and home equity loans are near one-year lows, offering below-market rates for those with good credit and ample home equity. The average HELOC rate is 7.23%, while the national average rate for a home equity loan is 7.44%.

The Federal Reserve estimates homeowners have $34 trillion in locked equity. Second mortgages like HELOCs allow homeowners to tap into this near-record-setting equity. Different from primary mortgage rates, HELOC rates are based on an index rate plus a margin, often starting at 7.50%.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. Meanwhile, LendingTree is offering a HELOC APR as low as 6.13% on a $150,000 credit line. Additionally, the best home equity loan lenders provide fixed rates for the entire repayment period.

National average rates for a HELOC are 7.23%, and for a home equity loan, it’s 7.44%. Rates vary depending on creditworthiness and diligence in shopping around, ranging from just below 6% to as high as 18%.

For homeowners with low primary mortgage rates and substantial equity, now is one of the best times to consider a HELOC or home equity loan. Utilize the drawn equity for home improvements, repairs, or upgrades without sacrificing a favorable mortgage rate.

During a 10-year draw period, a $50,000 line of credit at a 7.50% interest rate would result in a monthly payment of around $313, increasing during the 20-year repayment period. HELOCs are best suited for borrowing and repaying balances within a shorter timeframe.

Read more at Yahoo Finance: How to get your best rate offer