The national average HELOC rate is 7.64%, down nine basis points since October. Homeowners have over $34 trillion in home equity. Second mortgage rates are based on an index rate plus a margin, like prime rate at 7.00%. Best HELOC lenders offer low fees, fixed-rate options, and generous credit lines.

HELOC rates vary from nearly 6% to 18%. With low primary mortgage rates, now is a good time to get a HELOC. Accessing home equity with a HELOC is a good idea for things like home improvements, repairs, and even vacations. The power of a HELOC lies in tapping only what you need and leaving the rest available for future needs.

Read more at Yahoo Finance: Keep your low-rate primary mortgage and get cash with a HELOC