Home equity rates are dropping, nearing 7%. HELOC rates average 7.25%, home equity loans at 7.56%. Rates based on a 780 credit score with a CLTV under 70%. HELOC allows for draw as needed, home equity loan provides lump sum. Homeowners with equity may struggle to access growing home value.

$34 trillion in equity locked in homes. HELOC and HEL provide options for accessing equity without giving up low primary mortgage rate. HELOC rates based on index rate plus margin, while fixed-interest home equity loan has different margin. Shop around for best rates based on credit score and debt.

National average HELOC rates include introductory rates that may adjust higher later. Home equity loans typically have fixed rates. Best lenders offer low fees, fixed-rate options, and generous credit lines for both HELOC and home equity loans. Compare fees and fine print for repayment terms.

Rates vary from 6% to 18%, with national averages of 7.25% for HELOC and 7.56% for home equity loans. With low primary mortgage rates and equity, now is a good time for HELOC or home equity loans. Use cash from equity for improvements, repairs, or any other needs. Consider repayment terms and potential rate adjustments for HELOCs.

Read more at Yahoo Finance: Here are the benchmark rates to shop for