HELOC Rates Rise to 7.24% Amid Market Competition for Home Equity

AI Summary

The average HELOC rate is currently 7.24%, up from a 52-week low of 7.19% in mid-January. The national average for home equity loans stands at 7.37%, slightly increasing from a March low of 7.36%. These rates are offered to applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio of less than 70%. As primary mortgage rates remain near 6%, homeowners are exploring home equity lending options rather than refinancing their existing low-rate mortgages.