The national average HELOC rate is 7.64%, per Curinos data. Homeowners hold over $34 trillion in home equity. HELOC rates are different from primary mortgage rates. Lenders offer flexibility on second mortgages like HELOCs. Rates can vary widely, so shop around for the best deal.

A HELOC allows you to access home equity without giving up a low-rate mortgage. The best HELOC lenders offer low fees and generous credit lines. FourLeaf Credit Union is offering a 5.99% introductory rate for 12 months. Compare rates, fees, and terms when shopping for lenders.

HELOCs offer the power to borrow only what you need, leaving credit available for future use. Rates can range from 6% to 18%, depending on creditworthiness. With low primary mortgage rates, now is a great time to consider a HELOC for home improvements or other expenses.

Using a HELOC to withdraw $50,000 at 7.50% interest would result in a $313 monthly payment during the 10-year draw period. Remember, rates are variable, so payments can increase over the 20-year repayment period. HELOCs are best used for shorter-term borrowing and repayment.

Read more at Yahoo Finance: Tapping your home’s equity at its lowest cost of the year