The national average HELOC rate is 7.64%, per Curinos. Homeowners have over $34 trillion in home equity, the third-highest on record. Accessing this equity with a HELOC can be a smart alternative, with rates based on an index plus a margin. Introductory rates may be lower but adjustable later.

HELOC rates can range from 6% to 18%, depending on creditworthiness. FourLeaf Credit Union offers a 5.99% APR for 12 months. The power of a HELOC lies in flexibility, allowing borrowers to draw only what they need, with interest only on borrowed amounts. Rates vary, so compare offers carefully.

For homeowners with low mortgage rates and substantial equity, now is a great time for a HELOC. Don’t sacrifice a good mortgage rate; use a HELOC for home improvements or other needs. Borrow wisely and repay promptly to avoid long-term debt. Monthly payments vary, as HELOC rates are usually variable.

If you withdraw $50,000 at a 7.50% rate from a HELOC, expect a $313 monthly payment during the draw period. Remember, rates can fluctuate, leading to higher payments. HELOCs are best for short-term borrowing and repayment, as they essentially become a 30-year loan. Borrow and repay wisely.

Read more at Yahoo Finance: The national average rate is falling