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According to theJune 2026 ICE Mortgage Monitor report, home equity is helping countless American homeowners navigate the “lock-in effect.” “The housing market continues to be defined by the lock-in effect,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE.
“Millions of homeowners are sitting on first mortgages with rates well below current market levels, making second liens and HELOCs an attractive way to access equity without giving up those loans.
While higher mortgage rates have reduced refinance opportunities and softened affordability gains in recent months, home prices continue to firm across much of the country and affordability remains improved from year-ago levels.” According to real estate analytics firm Curinos, the average adjustable-rate HELOC is7.25%.
The national average rate on a fixed-rate home equity loan is7.86%, up appreciably from last month, and far from its 2026 low of 7.36% we observed in mid-March and in much of May.
Rates are based on applicants with a minimum credit score of 780 and a maximumcombined loan-to-value ratio (CLTV)of less than 70%.
Choosing between aHELOCand ahome equity loanis easy when you consider what you're using it for.
A HELOC allows you to draw cash from your approved line of credit, pay it off, then tap it again.
Learn the differences between a HELOC and a home equity loan With 30-year and 20-year mortgage rates still above 6%, homeowners with home equity and a favorable primary mortgage rate well below that may feel frustrated by not being able to access the growing value in their home.
For those who are unwilling to give up their low home loan rate, asecond mortgagein the form of a HELOC or HEL can be an appealing solution.
Learn how to use home equity to build wealth Home equity interest rateswork differently than primary mortgage rates.
Second mortgage rates are based on an index rate plus a margin.
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