The HELOC interest rate remains under 8.75%, offering homeowners access to thousands in home equity. Bank of America reports an average APR of 8.73% on a 10-year draw HELOC. Second mortgage rates are based on an index rate plus a margin, often starting at 7.50%.

HELOCs offer flexibility with pricing and generous credit lines. Rates can vary from 7% to 18% based on creditworthiness. Homeowners can access equity without giving up low mortgage rates, using funds for home improvements or other expenses.

Some lenders, like FourLeaf Credit Union, offer introductory rates as low as 6.49% for 12 months on HELOCs up to $500,000. HELOCs allow users to tap into their equity as needed, paying interest only on borrowed amounts. It’s crucial to compare rates, fees, and repayment terms when selecting a lender.

Read more at Yahoo Finance: Home equity line of credit rates barely inch up