The national average HELOC rate is 7.64%, with rates falling this year. Introductory rates from lenders are typically below market rates, so shop around. Homeowners hold nearly $36 trillion in home equity, the highest on record.

With mortgage rates above 6%, most won’t give up their low-rate primary mortgage. A HELOC offers access to built-up equity without sacrificing a good mortgage rate. Rates for HELOCs are different from primary mortgage rates and can vary depending on factors like credit score and debt amount.

HELOCs offer a flexible way to access home equity without giving up a low-rate mortgage. National average rates can include introductory rates lasting six months to a year. Shop around for lenders offering the best terms and rates for a HELOC.

FourLeaf Credit Union currently offers a HELOC APR of 5.99% for 12 months on lines up to $500,000. This is an introductory rate that converts to variable later. When considering lenders, compare rates, fees, repayment terms, and minimum draw amounts.

HELOCs offer the benefit of using only what you need and leaving the rest available for future use. You only pay interest on the amount borrowed, making it a flexible option for accessing home equity. Rates vary widely, so compare offers from different lenders.

For homeowners with low mortgage rates and significant equity, now may be the ideal time to obtain a HELOC. This allows access to cash for home improvements or other needs without giving up a low mortgage rate. Consider the pros and cons before taking on additional debt.

Using a HELOC to withdraw $50,000 at a 7.50% interest rate results in a monthly payment of about $313 during the draw period. Remember, rates are variable, and payments will increase during the repayment period. HELOCs are best for short-term borrowing and repayment.

Read more at Yahoo Finance: Lowest of the year, but your intro rate will be even lower