HELOC and home equity loan rates today, March 24, 2026: Tap an average credit limit of nearly $150,000

Core Insights - Home equity line of credit (HELOC) and home equity loan (HEL) rates are currently at their lowest since 2022, providing homeowners with significant financial flexibility without the need to refinance their primary mortgage [1][14] - The average credit limit for HELOCs is nearly $150,000, allowing homeowners to access substantial cash [1] Interest Rates - As of March 24, 2026, the average adjustable HELOC rate is 7.20%, while the national average for a home equity loan is a fixed rate of 7.47% [2][13] - Rates are determined based on a minimum credit score of 780 and a combined loan-to-value ratio (CLTV) of less than 70% [2] Product Comparison - A HELOC allows homeowners to draw cash as needed and pay it off, while a home equity loan provides a lump sum [3] - Home equity loans typically have fixed interest rates, making them easier to manage over the repayment period [12] Market Conditions - With primary mortgage rates near 6%, homeowners with low primary mortgage rates may prefer HELOCs or HELs to access their home equity without losing their favorable mortgage terms [4][14] - The prime rate, currently at 6.75%, influences second mortgage rates, which are often based on this index plus a margin [5] Lender Considerations - Lenders have flexibility in pricing second mortgage products, making it essential for borrowers to shop around for the best rates [6] - Some lenders may offer below-market introductory rates for HELOCs, which typically convert to variable rates after a set period [9][10] Fees and Draw Requirements - Homeowners should be aware of potential steep minimum draw requirements for HELOCs, which can vary by lender [11] - Comparing annual fees and repayment terms is crucial when selecting a home equity lender [12]