HELOC rates are currently below 8%, making it a great time to open a home equity line of credit. The average weekly rate sits at 7.64%, down 40 basis points from January. Homeowners hold over $34 trillion in home equity, the third-largest amount on record.

With mortgage rates in the low-6% range, homeowners can access home equity through a HELOC without giving up their primary mortgage. Lenders calculate HELOC rates differently, typically based on the prime rate plus a margin. Shopping around for the best terms is essential.

National HELOC rates may include introductory offers that eventually become adjustable. Keeping a low-rate mortgage while utilizing a HELOC offers flexibility and the ability to access home equity as needed. The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines.

Rates for HELOCs can vary significantly, ranging from 6% to 18% based on creditworthiness and lender. By tapping into home equity with a HELOC, homeowners can use funds for various purposes while paying down their primary mortgage. It’s crucial to borrow and repay within a shorter period for optimal benefit.

Read more at Yahoo Finance: It’s the best time to get a HELOC so far this year