Best HELOC Rates

The rate champion among traditional lenders — Third Federal routinely prices HELOCs at prime minus a spread, often 1–2% lower than big banks. No origination fee; the $65 annual fee is the only meaningful cost. Availability is limited to select states, so check first before anything else.

Noteworthy for its 12-month fixed-rate introductory period — unusual for a HELOC and a real advantage if rates are rising. No closing costs make the upfront cost very low. Membership is open to anyone who opens a $5 savings account. Best intro-rate HELOC available from a credit union.

Figure pioneered the all-digital HELOC and remains the speed leader — funding in as little as 5 days. Unlike traditional HELOCs it uses a fixed rate per draw, adding predictability but meaning you won't benefit if rates drop. Origination fee (0–4.99%) is rolled into the balance rather than paid upfront.

PenFed is open to anyone (not just military) and consistently ranks among the lowest-cost HELOCs — no closing costs, no annual fee, no inactivity fee. The variable rate can drop further than banks in falling-rate environments. Membership required but free to join.

Stands out for a generous $750k maximum and a 0.5% rate discount for customers who autopay from a U.S. Bank account. No origination fee and competitive closing costs. Annual fee of $90 kicks in after year one but can be waived. Best for high-value properties and existing U.S. Bank customers.

Best for existing Bank of America customers — the Preferred Rewards discount reduces your rate by up to 0.625% and the no-closing-cost structure eliminates thousands in upfront costs. Rates are average for the industry but the relationship benefits tip the math for BofA account holders.