HELOC interest rates are stable, making accessing home equity a smart move. Qualify once and use it repeatedly for home improvements, unexpected expenses, or debt payoff. The largest HELOC lender, Bank of America, reports an average APR of 8.72% on a 10-year draw HELOC after a 6.49% introductory rate. Homeowners have over $34 trillion in home equity, making HELOCs a valuable option.

Second mortgage rates vary based on the prime rate and margin, with average national rates including introductory rates that adjust higher later. Keep your low-rate primary mortgage and consider a second mortgage like a HELOC for flexible access to your home’s equity. Some lenders offer low fees and fixed-rate options for maximum financial flexibility.

LendingTree offers a 6.50% HELOC rate for a $150,000 credit line. Compare rates, fees, and repayment terms when shopping for a HELOC. With rates ranging from 7% to 18%, your creditworthiness and diligence as a shopper will impact your final rate. Use a HELOC wisely for home improvements, repairs, upgrades, or other financial needs.

Borrowing $50,000 on a $400,000 home with a 10-year draw and 20-year repayment HELOC could result in a $395 monthly payment at an 8.75% interest rate. While HELOCs offer flexibility, it’s best to pay off the balance promptly to avoid long-term debt. Make informed decisions when considering a HELOC for financial needs.

Read more at Yahoo Finance: Home equity line of credit rates are unchanged, remaining under 9%