The national average HELOC rate is currently at its lowest of the year, standing at 7.64%. With over $34 trillion in home equity, homeowners may opt for a HELOC to access their equity without letting go of their low-rate primary mortgage. Rates vary, so shopping around is key.

HELOC interest rates are different from primary mortgage rates, based on an index rate plus a margin. National average rates may include introductory rates that adjust higher later. Best HELOC lenders offer low fees and a fixed-rate option. The power of a HELOC lies in tapping only what you need.

FourLeaf Credit Union offers a 5.99% introductory HELOC rate for 12 months. Rates can range from 6% to 18%, depending on creditworthiness. HELOCs are ideal for homeowners with low primary mortgage rates and equity. Cash drawn from equity can be used for home improvements or other expenses.

If you withdraw $50,000 from a HELOC at a 7.50% interest rate, your monthly payment during the draw period would be around $313. Remember, rates can change, and payments will increase during the repayment period. HELOCs are best for short-term borrowing and repayment.

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