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Rates for home equity lines of credit and home equity loans are expected to stay relatively unchanged for the near term. The Federal Reserve is pausing interest rate cuts, so the prime rate will remain on hold as well. That means lenders likely won’t make major changes to the pricing of second mortgage products.

Discover how much you can borrow with a HELOC.

Today's national average monthly HELOC adjustable rate is 7.20%. The average fixed rate on a home equity loan is 7.47%, according to data analytics company Curinos. Both rates are based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%.

Learn about what to choose: a HELOC or a home equity loan.

Home equity interest rates are priced to a different benchmark than primary mortgage rates. First-lien mortgage rates are guided by the 10-year Treasury, while second mortgage rates are based on the prime rate plus a margin. The prime rate is currently 6.75%. If a lender added a 0.75% margin, the HELOC rate would be 7.50%.

A home equity loan may have a different margin because it is a fixed-interest product.

Every lender has its own methodology for pricing second mortgage products, such as HELOCs or home equity loans, so it pays to shop around. Your rate will depend on your credit score, the debt you carry, and the amount of your credit line relative to your home's value.

And average national HELOC rates can include super low "introductory" rates that may last for six months or one year. After that, your interest rate will become variable, likely beginning at a substantially higher rate.

Again, because a home equity loan has a fixed rate, it's unlikely to have an introductory "teaser" rate.

MORE: Read our guide to the best home equity loan lenders.

The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat.

Today, FourLeaf Credit Union is offering a HELOC rate of 5.99% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate of 7.25% in one year. When shopping for lenders, be aware of both rates.

The best home equity loan lenders may be easier to find, because the fixed rate you earn will last the length of the repayment period. That means just one rate to focus on. And you're getting a lump sum, so no draw minimums to consider.

And as always, compare fees and the fine print of repayment terms.

HELOCs are changing — and some homeowners may not like the new rules.

Rates vary significantly from one lender to another, making it difficult to pinpoint a single, definitive number. The current national average for a HELOC is 7.20% — and 7.47% for a home equity loan. Those can serve as a baseline when shopping rates from second mortgage lenders.

It's likely a good idea to consider a HELOC or a home equity loan now. You don't give up that low primary mortgage rate that you're paying on your house, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Just about anything, really.

If you withdraw the full $50,000 from a home equity line of credit and pay a 7.25% interest rate, your monthly payment during the 10-year draw period would be about $302. That sounds good, but remember, with a HELOC, the rate is usually variable, so it changes periodically, and your payments will increase during the 20-year repayment period. A HELOC essentially becomes a 30-year loan.

It can be a good time to get a HELOC, especially if you don’t want to lose the low rate on your first mortgage. Learn how the housing market could affect your decision.

Home equity lines of credit (HELOCs) usually charge variable rates, but you can find fixed-rate HELOCs with certain lenders. Learn how a fixed-rate HELOC works.

HELOCs are changing as nonbank lenders reshape the market. Learn how minimum draw requirements affect borrowers and how to find a flexible HELOC.

Chase Home Lending is finally re-introducing its home equity line of credit (HELOC) product. Learn how Chase's new HELOC works and whether it's a good fit for you.

A home equity line of credit (HELOC) can help many homeowners, but it’s not right for everyone. Before you take one out, consider the pros and cons.

The best HELOC lenders have flexible payment options, allow high CLTV ratios, and more. Read through our top picks to find the best HELOC lender for you.