Average rates for home equity lines of credit and home equity loans are under 7.5%. The average HELOC adjustable rate is 7.23%, while the national average fixed rate on a home equity loan is 7.44%. A HELOC allows for drawing from an approved line of credit, while a home equity loan provides a lump sum.

The Federal Reserve estimates homeowners have $34 trillion in equity in their homes. Homeowners with low primary mortgage rates and home equity may find second mortgages like HELOC or HEL beneficial. HELOC interest rates are different from primary mortgage rates, often based on an index rate plus a margin.

The best HELOC lenders offer low fees, fixed-rate options, and generous credit lines. FourLeaf Credit Union is offering a HELOC rate of 5.99% for 12 months on lines up to $500,000. Rates for HELOCs and home equity loans vary from nearly 6% to as much as 18%.

For homeowners with low primary mortgage rates and equity in their home, now might be one of the best times to get a HELOC or home equity loan. Using cash drawn from equity for home improvements, repairs, or upgrades is a popular choice. Remember, HELOCs essentially become a 30-year loan, so borrowers should repay the balance within a shorter period.

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