HELOC interest rates are growing in the current rising rate environment.

HELOC rates jumped to 4.71% for 10-year loans, continuing their increasing trend.

According to Bankrate data, the average rate for 20-year loans has risen to 7.14%, up from 6.60% a week earlier.

In fact, this is the seventh time that 10-year loan rates have risen.

JP Morgan is looking at the HELOC industry again, two years after the pullback.

If you're authorized for a $100,000 HELOC, you can take out the entire amount or only $50,000, depending on your needs.

BoA offers HELOC with an APR of 5.15%, and this rate includes discounts of 0.250% for automatic payment and 0.600% for a $60,000 initial withdrawal.

HELOCs provide borrowers with revolving lines of credit in the form of loans based on the amount of equity a homeowner has.

You can withdraw as much money as you need during the draw period, which is normally the first 10 years of the loan.

Because the value of your property secures a HELOC, lenders may be willing to offer cheaper interest rates.

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