Current national average rates for home equity lines of credit and home equity loans are continuing to fall, making your second mortgage options even more affordable. However, it's unlikely that home equity rates will nosedive in the near future. The prime rate — which impacts HELOC and HEL rates — shouldn't decrease after the Federal Reserve meeting next week. So, now could be a good time to lock in a rate on your second mortgage. HELOC and home equity loan rates: Monday, January 19, 2026 According to ...