The national average HELOC rate is nearing 7%, with Bank of America offering rates as low as 7.3% in certain states. Homeowners have nearly $36 trillion in home equity, the highest on record. HELOC interest rates are different from primary mortgage rates, with rates ranging from 6% to 18% based on creditworthiness and lender. FourLeaf Credit Union is offering a HELOC rate of 5.99% for 12 months on lines up to $500,000. HELOCs allow homeowners to access their equity without giving up their low-rate mortgage. It’s a great time to get a HELOC for home improvements, repairs, or upgrades.

Read more at Yahoo Finance: Rates dipping closer to 7%