HELOC rates have been above 8% for months, influenced by credit score, location, and loan-to-value ratio. Rates may decrease in the future. HELOCs offer lower interest rates for homeowners with equity. Rates are variable and tied to the prime rate, currently at 8.5%. Higher loan-to-value ratios lead to higher interest rates. Credit scores also impact rates, with good scores getting better rates. Minimum credit scores for HELOCs are typically higher than for first mortgages.
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