Average Home Equity Loan Rate at 7.36% as Lenders Tout Rapid Closings

The U.S. average fixed home equity loan rate stood at 7.36% on June 1, 2026, while the variable HELOC rate averaged 7.21%, according to data firm Curinos. Some lenders are offering closings in as little as three days, far below the 39-day industry average, as homeowners seek to tap equity before borrowing costs potentially rise. The Federal Reserve estimates homeowners have $34 trillion in home equity, making second mortgages attractive for those unwilling to refinance low primary mortgage rates. FourLeaf Credit Union advertised a promotional 5.99% HELOC rate for 12 months on lines up to $500,000, which then adjusts based on the prime rate, now at 6.75%. Rates depend on credit score, debt levels, and combined loan-to-value ratios. The national averages assume a minimum 780 credit score and less than 70% CLTV. Experts advise comparing lenders’ fees and introductory-rate terms, as post-promotional HELOC rates can climb significantly.