Here Are Today’s HELOC Rates: March 16, 2023—Rates Inch Down

The average rate on a 20-year HELOC, or home equity line of credit, is 8.07%, down 0.02% from last week, according to Meanwhile, the rate on a 10-year HELOC is 7.36%, down 3 basis points from last week.
Related: Best Home Equity Loan Lenders
What Are Current HELOC Rates?

Loan term
Interest rate
Weekly change
Monthly interest payment per $25,000

10-year HELOC

20-year HELOC


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10-year HELOC Rates
This week, the average interest rate on a 10-year HELOC is 7.36%, down a bit from 7.39% the previous week and 7.57%, the high over the past year.
At today’s interest rate of 7.36%, during the draw period, a $25,000 10-year HELOC would cost approximately $153 per month during the 10-year draw period.
It’s followed by the repayment period, when interest and principal must be paid. Home equity lines come with variable interest rates, so your rate can rise during the repayment years. A HELOC’s term is the same as its repayment period, so a 10-year home equity line gives a borrower 10 years to pay back the loan.
Borrowers typically pay only interest during the draw period but can pay down the principal too, although it’s not required.
20-year HELOC Rates
The interest rate for a 20-year HELOC averaged 8.07% this week. That’s down from 8.09% last week.
At the current interest rate, a $25,000 20-year HELOC would cost approximately $168 per month during the draw period.
What Is a HELOC?
A home equity line of credit (HELOC) allows you to borrow money against the equity in your home. A HELOC lender has a second lien on your home—or a first lien if you have no mortgage. That means the lender could seize the home if you don’t make repayments on time.
A line of credit, rather than a lump-sum loan, allows homeowners to borrow as much or as little cash as needed and repay those amounts. You only need to pay interest on what you use, and you can draw and repay as often as you want during the term of the HELOC.
HELOC draw periods generally last 10 years and need to be paid back within 10 to 20 years. They can usually be for 80% to 85% of the home’s value.
HELOC Rate Insights
If you’re interested in tapping home equity, now is the time to do it. The Federal Reserve has signaled that it expects to raise its fed funds rate several times in 2022. This generally causes HELOC rates to move up.
The current average 10-year HELOC rate is 7.36%, but within the last 52 weeks, it’s gone as low as 3.99% and as high as 7.57%. On a 20-year HELOC, which has a current average rate of 8.07%, the 52-low is 5.14% and the high is 9.35%.
HELOCs vs. Home Equity Loans
HELOCs are a form of credit called a revolving loan. That means a borrower can draw only what’s needed against the line of credit, pay that back and then draw again, repeating that process over the life of the loan.
That differs from a home equity loan, which is a lump-sum amount that’s borrowed and paid back in regular installments. Home equity loans also carry fixed interest rates, while lines of credit are variable—and may rise during the period in which a borrower needs to make payments.
That’s especially true now since the Federal Reserve intends to raise interest rates several times in the coming months and years. That may make a home equity loan, or another fixed-rate product, a better option.

Frequently Asked Questions (FAQs)

How much money can I borrow with a HELOC?

Most lenders will let you borrow up to 80% or 85% of the equity in your home. The value of your home is determined by an appraisal.

Will taking out a HELOC impact my credit score?

Yes, you’ll likely see a small dent in your credit score after you apply for a HELOC because lenders perform a credit check to see if you’re a creditworthy borrower. But as long as you make repayments on time, your score should recover quickly.
Just keep in mind that HELOCs are secured by your property, which means that a failure to make timely repayments could put you at risk of losing your home.

How do I know how much home equity I have?

The equity you have in your home is the home’s value—as determined by an appraisal— less anything you currently owe to a lender on the house, like through a mortgage.