The national average HELOC interest rate has remained steady this weekend, making it an ideal time to consider applying for a home equity line of credit for summer home improvement projects or big expenses. According to Bank of America, today’s average APR on a 10-year draw HELOC is 8.73% after a 6.49% introductory rate. With over $34 trillion in home equity nationwide, homeowners can tap into this value without losing their low primary mortgage rate. HELOC rates are different from primary mortgage rates and can vary based on credit score and other factors. Shopping around for the best HELOC lender is crucial, as rates can range from 7% to 18%. It’s a good time for homeowners with low mortgage rates to consider a HELOC for home improvements or other expenses, but it’s important to use it responsibly to avoid long-term debt.

Read more at Yahoo Finance.: Average rates stay under 9%