The average HELOC rate is 7.75%, the lowest of the year, down by 31 basis points since January. Homeowners have over $34 trillion in home equity. Second mortgage rates are based on prime rate plus a margin, averaging 8.25%. Best HELOC lenders offer low fees, fixed-rate options, and flexible credit lines.

Accessing home equity with a HELOC can be a smart financial move. Rates vary widely, ranging from 6% to 18%, so shopping around is crucial. With low primary mortgage rates, now may be an ideal time to consider a HELOC. Utilize the equity for home improvements or other expenses, but ensure timely repayment.

Consider a HELOC with an introductory APR of 5.99% for 12 months, converting to a variable rate later. FourLeaf Credit Union offers this rate on lines up to $500,000. Benefit from the flexibility of a HELOC, only paying interest on what you borrow. Repayment terms and minimum draw amounts should be compared when choosing a lender.

Read more at Yahoo Finance: Rates have dropped 31 basis points this year