How to Get a Fixed Rate HELOC​

Understanding Fixed-Rate HELOCs

A fixed-rate HELOC allows borrowers to convert a portion or all of their variable-rate balance into a fixed interest rate. This conversion can typically be done during the draw period—the time frame in which you can borrow funds. By locking in a fixed rate, homeowners can secure predictable monthly payments, shielding themselves from potential interest rate increases in the future.​

For instance, U.S. Bank offers a fixed-rate option on their HELOCs, enabling customers to lock in a fixed interest rate for up to 20 years on some or all of the borrowed funds. Borrowers can have up to three active fixed-rate locks at one time, each requiring a minimum of $2,000. As the principal is repaid, the available credit replenishes, allowing for continued borrowing during the draw period. ​

Benefits of Fixed-Rate HELOCs

1. Predictable Payments: By converting to a fixed rate, borrowers can enjoy consistent monthly payments, making budgeting more manageable.

2. Protection from Rising Interest Rates: Fixed rates safeguard against potential increases in interest rates, providing financial stability.​

3. Flexible Borrowing: Many lenders allow multiple fixed-rate locks within a single HELOC, offering flexibility to manage different expenses or projects.​

Potential Drawbacks

1. Higher Initial Rates: Fixed interest rates on HELOCs may be higher than the initial variable rates, potentially leading to higher immediate payments.​

2. Conversion Fees: Some lenders may charge fees to convert a variable-rate balance to a fixed rate, adding to the overall cost.​

3. Limited Flexibility: Once a balance is locked into a fixed rate, it may not benefit from future decreases in interest rates without unlocking and re-locking, which could involve additional fees.​

Who Offers Fixed Rate HELOC Loans?

In 2025 there are several financial institutions now offer fixed-rate HELOC options, providing borrowers with predictable repayment terms. Below is a list of seven prominent banks and lenders offering fixed-rate HELOCs, along with their current rates:​

1. Bank of America

   Bank of America allows customers to convert some or all of their variable-rate HELOC balances to a fixed rate with no fees for the conversion. Up to three Fixed-Rate Loan Options can be open simultaneously. Specific interest rates are not publicly disclosed and may vary based on factors such as creditworthiness and loan-to-value ratio.

2. U.S. Bank

   U.S. Bank offers a fixed-rate option on their HELOCs, enabling customers to lock in a fixed interest rate for up to 20 years on some or all of the borrowed funds. As of December 19, 2024, the variable rate for HELOCs ranged from 7.95% APR to 11.60% APR. Fixed rates may differ and are determined at the time of rate lock.

3. PNC Bank

   PNC Bank provides a Choice HELOC with a Fixed Rate Lock feature, allowing borrowers to lock in a fixed rate on all or part of their variable-rate balance during the draw period. Rates are based on the index value for fixed-rate options in effect at the time a Fixed Rate Part is established, plus a margin determined by credit qualifications and other factors.

4. Navy Federal Credit Union

   Navy Federal Credit Union offers Fixed-Rate Home Equity Loans with rates as low as 7.340% APR. These loans allow borrowers to pay no closing costs and borrow up to 100% of their home’s equity. The fixed rate ensures consistent monthly payments over the life of the loan.

5. Fifth Third Bank

   Fifth Third Bank provides a HELOC with a unique rate-lock feature that allows borrowers to lock in a fixed rate on any amount for a $95 fee. The bank allows up to three rate locks on three separate balances at a time, and borrowers can unlock the rates at any time free of charge. APRs start at 8.50%.

6. Connexus Credit Union

   Connexus Credit Union offers HELOCs with the option to convert to a fixed rate. APRs start at 8.74%, and loan amounts range from $5,000 to $200,000. Specific terms and conditions apply based on creditworthiness and other factors.

7. Alliant Credit Union

   Alliant Credit Union provides HELOCs with fixed-rate options, offering APRs starting at 8.75%. Loan amounts start at $10,000, and a minimum credit score of 620 is required. Borrowers can benefit from predictable monthly payments by opting for the fixed-rate feature.

Considerations When Choosing a Fixed-Rate HELOC

When evaluating fixed-rate HELOC options, consider the following factors:

• Interest Rates: Compare the fixed interest rates offered by different lenders, keeping in mind that rates can vary based on credit score, loan-to-value ratio, and other financial factors.​

• Fees: Be aware of any fees associated with rate locks, conversions from variable to fixed rates, annual fees, and closing costs.​

• Loan Terms: Understand the draw and repayment periods, as well as any options to re-borrow funds during the draw period.​

• Credit Requirements: Ensure you meet the lender’s credit score and financial health criteria to qualify for the best rates.​

It’s advisable to contact lenders directly or visit their official websites for the most current rates and terms, as these can change based on market conditions and individual qualifications.

Fixed Rate HELOC vs Home Equity Loan

A Fixed Rate HELOC offers the flexibility of a line of credit with the stability of locking in a fixed interest rate on all or part of the borrowed amount, ideal for ongoing or uncertain expenses. In contrast, a Home Equity Loan provides a lump sum with a fixed interest rate and term, best for one-time, large expenses. Both use home equity as collateral, but a HELOC allows repeated borrowing during the draw period, while a home equity loan does not. If you need structured payments and fixed costs, a home equity loan may be better; for flexibility, consider a fixed-rate HELOC.

Important with Fixed Rate HELOC Loans

In the ever-changing landscape of interest rates, a fixed-rate HELOC loan can be a beacon of stability for homeowners seeking predictable payments and protection from rate fluctuations. By carefully evaluating the benefits, potential drawbacks, and offerings from various lenders, you can determine if a fixed-rate HELOC aligns with your financial needs and goals.

Updated : HEM Editorial Team  |  July 2026  |  Fact-Checked ✓

​FAQs Fixed Rate HELOC

How do you convert a HELOC balance to a fixed rate?

You contact your servicer during the draw period and specify the balance amount and the repayment term you want. Most lenders set a minimum lock — commonly $2,000 to $5,000 — and cap how many locks you can hold at once, typically three. The locked portion then amortizes with principal and interest on its own schedule, separate from any remaining variable balance. Fees range from nothing to roughly $100 per lock. Conversion is generally unavailable once the draw period ends, so don’t wait.

Can you refinance an existing HELOC into a fixed rate?

Three routes. Internal conversion is simplest if your current lender offers a rate-lock feature — no new loan, minimal cost. Refinance into a fixed home equity loan, which closes out the line entirely and gives you one fixed payment. Or open a new HELOC elsewhere that has a better lock feature. Before you move, check two things: any early-closure or recapture fee on your existing line, and whether closing costs on the new loan erase the savings. Your first mortgage stays untouched in all three scenarios.

How does Figure’s fixed-rate HELOC work?

Figure (NMLS #1717824) uses the second structure: it assigns a fixed rate to your draw rather than a variable rate you later convert. The trade-off is that Figure requires you to draw the full line at origination, and its draw period is shorter than the industry-standard ten years. In exchange, you get approval in minutes and funding in days rather than weeks. It suits a borrower with a known, immediate lump-sum need — not one who wants a standby line to draw on over time.

Is a fixed-rate HELOC more expensive than a variable one?

Usually, yes — you’re paying for certainty. Fixed-rate pricing typically sits above the variable rate at the time you lock. As of July 2026, variable HELOCs average about 7.23%, while fixed home equity loans average roughly 7.36% to 8.08%. Whether the premium is worth it depends on your view of the Fed. Locking protects you if rates rise; it costs you if prime falls, because the fixed portion won’t follow it down. Many borrowers split the difference and lock only part of the balance.

Does locking a fixed rate reduce my available credit?

Yes, while the locked balance is outstanding. The fixed-rate portion counts against your overall credit limit, so a $30,000 lock on a $100,000 line leaves roughly $70,000 available to draw. At most lenders, availability replenishes as you repay the principal on that locked portion. Also watch the cap on simultaneous locks — three is typical. If you plan multiple projects, that ceiling matters. Confirm both the replenishment rule and the lock limit with your specific lender before you commit.

When does converting a HELOC to a fixed rate make sense?

Four situations. When you’re consolidating debt and need a payment you can budget against. When you’re nearing the end of your draw period, since conversion usually isn’t available afterward. When you expect the Fed to hold or hike — it left rates unchanged on June 17, 2026, with the next decision July 28–29. And when a rising payment would genuinely strain you. If you expect rates to fall and can absorb volatility, staying variable preserves the upside. You don’t have to choose all-or-nothing — lock part.

References

Bank of America. (n.d.). Home Equity Line of Credit (HELOC) from Bank of America. Retrieved March 24, 2025, from https://www.bankofamerica.com/home-equity/

Navy Federal Credit Union. (n.d.). Fixed-Rate Home Equity Loans. Retrieved March 24, 2025, from https://www.navyfederal.org/loans-cards/equity/fixed-rate.html

PNC Bank. (n.d.). Choice Home Equity Line of Credit Fixed Rate Lock. Retrieved March 24, 2025, from https://www.pnc.com/en/personal-banking/borrowing/home-equity-loans/enhanced-choice-home-equity-line-of-credit/fixed-rate-lock.html

U.S. Bank. (n.d.). HELOC Fixed-Rate Option. Retrieved March 24, 2025, from https://www.usbank.com/home-loans/home-equity/home-equity-line-of-credit/fixed-rate-heloc.html