The loan agreement discloses how often your rate can change, and you’ll receive a rate change notice on your monthly statement about upcoming adjustments. Fixed rates, on the other hand, remain the same for the life of your loan. Variable HELOC rates can adjust up or down as frequently as every month, but each lender has a different policy and your rate may fluctuate less often. Several factors impact the interest rate such as prime rate, loan repayment term and your credit history. What Is a Good HELOC Rate?Ī competitive HELOC rate for most homeowners currently ranges from 7.5% to 9%. ![]() While most HELOC rates are variable-meaning they change periodically-some lenders offer fixed-rate HELOCs that allow you to lock in an interest rate and monthly payment on all or part of your balance. ![]() HELOC rates are based on the prime rate, which is the rate banks use to lend to highly qualified customers.
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