Can You Lock in a HELOC Rate? How to Get a Fixed Rate and If It’s Right For You

You can lock in a HELOC rate, either by converting a variable-rate balance to a fixed rate with certain lenders or by choosing a lender that offers fixed-rate HELOCs.

Locking in a rate protects against rising interest rates, though fixed rates may start higher than variable ones. In this article, we’ll explain how to lock in your rate on new and existing HELOCs, highlight key lenders offering fixed-rate HELOCs, and guide you through deciding if this option is right for you.

Table of Contents

1. How to lock your rate on an existing HELOC
2. How to lock your rate on a new HELOC
   1. Lenders that offer fixed HELOC rates
3. How does the fixed rate on a HELOC work?
4. What if my current lender won’t let me lock in my rate?
5. Should you lock in your HELOC rate?

How to lock your rate on an existing HELOC

Your first step is to check your lender’s website or contact a customer support representative to see if this feature is available. In most cases, lenders that offer this feature let borrowers lock a portion of their HELOC balance three to five times.

Here’s an illustration explaining how fixed-rate options work on variable-rate HELOCs.

How to lock your rate on a new HELOC

Some lenders allow you to prequalify for a HELOC, which gives them a limited view of your credit history using a “soft” credit check that won’t impact your credit score.

This process helps you understand whether you qualify, how much you can borrow, and your estimated interest rate. However, prequalification isn’t a formal application, meaning the terms are subject to change after a home appraisal, hard credit check, and underwriting.

For variable-rate HELOCs, you can’t truly “lock in” a rate permanently—even if your lender offers rate-lock options, these apply only to specific balances or withdrawals, not the entire loan term. On the other hand, fixed-rate HELOCs provide a consistent rate from the time your application is approved and throughout the loan term, offering more predictability.

If locking in a rate is your priority, consider a fixed-rate HELOC to avoid worrying about interest rate fluctuations over time. These products ensure stable payments, giving you peace of mind compared to variable-rate options.

Lenders that offer fixed HELOC rates

If you want to lock in a fixed interest rate on your home equity line of credit (HELOC), the following lenders provide strong options. Fixed-rate HELOCs give you the advantage of consistent payments, shielding you from the unpredictability of rising interest rates.

Be sure to reference our best HELOC lenders and rates page for a full rundown of our recommendations.

Figure

Best Overall

4.9 _/5

View Rates

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Why it’s a good option

Figure offers fixed-rate HELOCs with loan amounts up to $400,000. Its online application process is streamlined, often providing funding in as little as five days. Interest rates are determined based on your creditworthiness and other factors at the time of approval, ensuring predictable payments throughout the loan term.

• Rates are always fixed
• Borrow up to $400,000
• Funding in as little as 5 days
• See rates without impacting your credit

Rates (APR)	6.55% – 15.95%
Funding amounts	$15,000 – $400,000
Repayment terms	5, 10, 15, or 30 years
Min. credit score	640

Aven

Best Customer Reviews

4.8 _/5

View Rates

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Why it’s a good option

Aven’s AvenCash offers fixed-rate HELOCs with loan amounts ranging from $5,000 to $400,000. The application process is fully digital, with approval in as little as 15 minutes and funding available within three days after signing. Borrowers appreciate Aven’s competitive rates, flexible repayment terms, and high customer satisfaction ratings.

• Borrow $5,000 – $400,000
• Fixed rates from the start
• Funding within 3 days after signing
• Excellent customer reviews

Rates (APR)	6.99% – 15.49%
Funding amounts	$5,000 – $400,000
Repayment terms	5, 10, 15, or 30 years
Min. credit score	640

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How does the fixed rate on a HELOC work?

A fixed rate on a HELOC ensures predictable payments, but how it works depends on the type of HELOC you choose.

Fixed-rate HELOCs lock in the same interest rate for every withdrawal, no matter when you access funds during the draw period. For example, if you borrow in month one or month 120, the rate remains consistent throughout both the draw and repayment periods.

Variable-rate HELOCs with fixed-rate options allow you to lock in rates for specific withdrawals, but not for the entire loan. As a result, different balances may have different rates.

Here’s an example:

• $20,000 locked at 6.5% APR
• $15,000 locked later at 8.25% APR

Additionally, the locked rate may reflect a premium depending on your draw period timing.

Example:

• Months 1–24: current HELOC APR (6.50%)
• Months 25–84: current HELOC APR + 0.25% (6.75%)
• Months 85–120: current HELOC APR + 0.50% (7.00%)

For instance, if you lock a rate during month 26, your lender may apply a rate of 6.75%, even if the current rate is 6.5%. Understanding these nuances can help you choose the right option for your borrowing needs.

What are typical fixed rates for HELOCs?

Interest rates on HELOCs, and all consumer debt products, have a tendency to make regular shifts, so the rates you see today could well change tomorrow. They could look much different in six months or a year.

At the time you apply, fixed rates tend to be higher than the introductory rates on variable-rate products (but not necessarily for the full term). This is true for HELOCs as well as home equity loan, personal loan, and auto loan rates.

As the borrower, you have two choices:

1. Lock in a safe, predictable fixed rate, but risk market rates falling.
2. Opt for a variable rate that’s more competitive today but may rise or fall in the future.

For qualified borrowers, fixed HELOC interest rates tend to range from the single digits to the low teens. However, this is subject to change based on creditworthiness, your home’s equity, location, and, of course, market conditions.

Can I choose between a fixed and variable rate for each withdrawal I make from my HELOC?

Lenders tend to offer HELOCs in one of two “flavors”: variable-rate products or a fixed interest rate for the life of the account. 

In most cases, you will need to commit to one when you take out your line of credit, and it will apply to all future withdrawals. HELOCs often come with variable rates.

But even if you take out a HELOC with a variable interest rate, you may have the option to lock in fixed rates as you go. With rate-locking, you can enjoy the benefit of a variable rate that might decrease while reserving the right to lock in lower rates on withdrawals before rates increase.

This feature isn’t available on all HELOCs. Be sure to speak with your lender to see what fixed- and variable-rate options it offers before you finalize the account. 

Do any other terms change if I convert my variable-rate HELOC to a fixed rate?

Over time, you might decide your variable-rate HELOC isn’t the right product for you, and you would prefer a fixed-rate line of credit instead.

In some cases, your current lender may be willing to convert the HELOC from variable rates to fixed. If it won’t allow for fixed-rate HELOCs or is unwilling to convert your account, you may need to see about refinancing your HELOC with another lender instead.

No matter which choice you make, expect your HELOC terms to change. 

This could mean:

• Your new fixed rate is higher than your current variable rate.
• New draw period or repayment period terms.
• Reduced credit line.
• Your lender may change your minimum withdrawal requirements.
• Additional closing costs or other fees.

If my current lender doesn’t let me lock in my rate, can I refinance with a new lender that will?

You’re unhappy with your existing variable-rate HELOC and would prefer a product with a fixed interest rate, but your lender won’t allow for a rate lock. What should you do?

Your options include the following:

• Apply to refinance your HELOC through another lender, which may offer better terms.
• Take out a fixed-rate home equity loan instead, and use the proceeds to pay off your HELOC balance.
• Opt for a cash-out refinance with a fixed rate, and satisfy your HELOC debt with those funds.
• Borrow an unsecured personal loan to effectively refinance the HELOC.

You may encounter fees with any of these choices. You might also find it more challenging to qualify for a new product with a new lender since your HELOC balance will now count against your debt-to-income ratio (DTI). 

If you plan to secure the new debt with your home’s remaining equity, note you may have a lower credit limit the second time because most banks lend according to your combined loan-to-value ratio (CLTV). 

This ratio accounts for your current home equity and all liens against your property, including your original mortgage, a second mortgage, and home equity loans or lines of credit. Most lenders limit their maximum CLTV to between 70% and 85%. So if you have a home valued at $400,000, and your lender’s maximum CLTV is 85%, your liens can add up to no more than $340,000.

If you owe $250,000 on your first mortgage and have a $70,000 HELOC balance, you might expect to tap into $20,000 in home equity based on the math in the following example:

$340,000 max CLTV – ($250,000 mortgage balance + $70,000 HELOC balance) = $20,000 equity remaining

However, you may not meet the lender’s minimum HELOC withdrawal or home equity loan requirement.

Should you lock in your HELOC rate?

Locking in your HELOC’s interest rate might not be the best option in some instances. The most significant disadvantage can be that rates drop afterward.

So if you lock in a competitive rate today, you could save yourself from higher rates in the future. But if rates drop, you miss out on a lower rate. 

You’ll also find that with most lenders, fixed interest rates are higher than variable rates at the start of the loan. Because of the added risk a borrower takes on with a variable rate, lenders tend to offer more competitive introductory rates.

Check out our article if you want to know more about how often the APR on a HELOC can change before you decide.

Recap of HELOCs for locking in a rate