HELOC interest rates just fell again. Here are 3 advantages of opening one now.

MoneyWatch: Managing Your Money HELOC interest rates just fell again. Here are 3 advantages of opening one now. We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. By Matt Richardson Matt Richardson Sr. Managing Editor, Managing Your Money Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance. Read Full Bio Matt Richardson March 5, 2026 / 12:13 PM EST / CBS News Add CBS News on Google The decline in the home equity interest rate climate isn't slowing down. Case in point? The average rate on a home equity line of credit declined again this week, according to Bankrate data released on Wednesday. Now at just 7.18%, HELOC rates are near their lowest level in three years, on average. It was only one year ago that rates here were comfortably in the 8% range, illustrating the cost-effectiveness this product currently offers homeowners in need of extra funding. Like all borrowing products, however, the timing of your application matters. And that's especially true when leveraging your home equity, as you would with a HELOC. Failure to repay here could easily lead to the home in question being foreclosed upon. Fortunately, the timing this March once again benefits prospective HELOC borrowers. Below, we'll break down three big advantages of opening one right now. Start by seeing how much you could borrow with a HELOC here . 3 advantages of opening a HELOC now There are some periods in which borrowing from your home equity with a HELOC may not be financially advantageous or even, potentially, risky. But that's not the case this March. Here are three specific advantages borrowers can expect if they open a HELOC now: A lower interest rate than most alternatives At an average rate of just 7.18% right now, a HELOC isn't just the more affordable way to borrow home eq...