Current HELOC and home equity loan averages sit in the low-7% range, with recent moves small and 52-week lows reached in Late-Q1.
Home equity rates differ from purchase or refi mortgages because second mortgages usually price from an index rate plus a lender margin.
Choose a HELOC for flexible draws and repayments; choose a home equity loan when one lump sum and fixed payments fit better.
With mortgage rates still above ~6%, a second mortgage may help equity-rich owners access value without replacing a favorable primary loan rate.
Shop carefully: lenders weigh credit, debt, and home value. Intro HELOC rates may reset higher after 6 mo or 1 yr periods.