Rates for home equity lines of credit and home equity loans range from the low 7% range to near 9%, with national averages near 7.5% or lower. Second mortgage interest rates remain affordable for homeowners with high credit scores and low combined loan-to-value ratios.

Real estate analytics firm Curinos reports the average monthly HELOC rate at 7.25% and the national average home equity loan rate at 7.56% for applicants with a minimum credit score of 780 and a CLTV of less than 70%.

Homeowners have $36 trillion of equity available to tap into with second mortgages. With primary mortgage rates near 6%, homeowners may feel frustrated at not being able to access their growing home value without refinancing.

For homeowners unwilling to give up low primary mortgage rates, a second mortgage in the form of a HELOC or HEL can be a viable solution to access home equity.

Home equity interest rates are different from primary mortgage rates, often based on an index rate plus a margin. HELOC rates may include below-market introductory rates, while HEL rates are fixed-interest products.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. HELOCs allow homeowners to easily access their equity up to the credit line limit, with the option to pull out funds and repay them.

When considering a home equity loan, fixed rates are typically easier to manage, with no draw minimums to consider. Compare annual fees, charges, and repayment terms when choosing a lender.

Rates for second mortgages can range from nearly 6% to 18%, depending on creditworthiness. The national averages for HELOC and home equity loan rates are 7.25% and 7.56%, respectively.

For homeowners with low primary mortgage rates and significant home equity, a HELOC or home equity loan may be a good idea to access cash for improvements or other expenses without giving up favorable mortgage rates.

HELOCs and HELs are best suited for short-term borrowing and repayment, as interest rates are usually variable. It’s important to have the discipline to pay off the balance promptly to avoid long-term debt.

During the draw period of a HELOC, monthly payments at a 7.50% interest rate for a $50,000 withdrawal would be around $313. Payments will increase during the repayment period, essentially turning the HELOC into a 30-year loan.

Read more at Yahoo Finance: Rates hover around 7.5% or lower