The national average HELOC interest rate remains steady. Homeowners can draw from an approved credit limit as needed. Bank of America reports an average APR of 8.72% for a 10-year draw HELOC. Homeowners have over $34 trillion in home equity. HELOC rates differ from primary mortgage rates and can vary greatly between lenders.

HELOCs offer flexibility and the ability to access home equity without giving up a low-rate mortgage. The best HELOC lenders provide low fees and credit lines. FourLeaf Credit Union offers a 6.49% introductory rate for 12 months. Borrow sensibly and pay back promptly to benefit from a HELOC. Rates vary based on creditworthiness and lender.

For homeowners with low mortgage rates, now is a good time to consider a HELOC. Use the cash for home improvements or other needs. Remember to borrow responsibly and pay off the balance promptly. Monthly payments for a $50,000 line of credit on a $400,000 home could be around $395 at an 8.75% interest rate.

Read more at Yahoo Finance: Current home equity line of credit rate holds firm