The average rate on a 20-year HELOC, or home equity line of credit, is 8.30%, up 0.23% from last week, according to Bankrate.com. Meanwhile, the rate on a 10-year HELOC is 7.36%, the same as 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
7.36%
+0.00%
$153.33

20-year HELOC
8.30%
+0.23%
$172.92

Source: Bankrate.com

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10-year HELOC Rates
The interest rate for a 10-year HELOC averaged 7.36% this week. That’s unchanged from last week.
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.
A HELOC has a set draw period, often 10 years, that’s followed by a repayment period. The HELOC’s term is generally the same as its repayment period. So, a 10-year HELOC may give you 10 years to use the funds and 10 years to repay. HELOCs have variable interest rates, meaning that the interest rate may change as you are paying it back.
Borrowers usually pay only interest during the draw period. However, some borrowers may choose to always pay down the principal amount, too.
20-year HELOC Rates
This week, the average interest rate on a 20-year HELOC is 8.30% compared to 8.07% last week and 5.14%, the low over the past year.
At today’s interest rate of 8.30%, a $25,000 20-year HELOC would cost approximately $173 per month during the draw period.
How Do I Qualify for a HELOC?
To qualify for a HELOC, you’ll need to go through many of the same steps you go through to get a mortgage. In general, you’ll typically need a maximum debt-to-income (DTI) ratio of 43%; a minimum credit score of 620; at least 15% to 20% equity in the home; and a history of making on-time mortgage payments, if you have a home loan.
You’ll generally also have to get an appraisal so that your lender has a third-party assessment of your home’s value. As a reminder, the amount of equity you have is determined by the value of the home minus any amounts owed to lenders.
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.
Currently, the 52-week high on a 10-year HELOC is 7.57%, while the 52-week low is 3.99%. The 52-week high on a 20-year HELOC is 9.35% and the 52-week low is 5.14%.
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 do I know how much home equity I have?

Home equity is calculated by taking the appraised value of your home minus anything you owe a lender, like a mortgage banker.

How much money can I borrow with a HELOC?

You can usually borrow as much as 80%-85% of the equity you have in your home with a HELOC. You’ll need an appraisal to determine the value.

Will taking out a HELOC impact my credit score?

Lenders will perform a credit check when you apply for a HELOC, just like for any credit product, and that will reduce your credit score temporarily. But if you make repayments on a timely basis, your credit score will recover quickly.
It’s important to keep in mind that any HELOC is secured by your home, similar to a mortgage. That means failure to make timely repayments could put you in jeopardy of losing the property.