If you’re in the market for a home equity loan or home equity line of credit, rates are still quite cheap.

Assuming you have the necessary home equity, you can snag a home equity line of credit (HELOC) for around 5.49 percent, according to Bankrate.com.

A HELOC is a line of credit that allows a homeowner to borrow up to a pre-determined amount set by the mortgage lender.

It works similar to a credit card in that you don’t need to pay interest on the total amount, or even withdraw or spend any of the credit line, but it’s available if and when you need it.

However, HELOCs are tied to the prime rate, meaning they are adjustable, and can change whenever the federal funds rate is adjusted up or down.

Meanwhile, home equity loans, which are generally fixed-rate second mortgages, are pricing at around 7.08 percent

With a home equity loan, you receive a lump sum and make monthly mortgage payments on the total amount borrowed.

Mortgage rates on both types of loans haven’t changed much all year, but remain near historic lows.

Keep in mind that these low rates are likely for borrowers with loan-to-value ratios of 80 percent and below – higher LTVs will be accompanied by higher rates.

Of course, you need excellent credit to qualify, but this is one way to avoid a refinance on your first mortgage while tapping into your home equity.