These function like a "second mortgage" with a lump-sum payout and fixed monthly payments. : 7.24% (variable).
Home Equity Lines of Credit (HELOCs) act more like a credit card, where you draw only what you need and pay interest on that amount. : equity rates
As of late April 2026, home equity rates are at their most affordable levels in roughly three years, following gradual Federal Reserve rate cuts throughout the year. : 7.91% (fixed). These function like a "second mortgage" with a
Home equity products remain significantly cheaper than (projected average 19.4%) or personal loans (avg. 12%) because your home serves as collateral. equity rates