Weekly average mortgage rates hit 6.46%, the highest since September, amid rising home prices with a 2.2% annual increase. Home equity loans, offering fixed interest rates and lump-sum cash up to 80% of home equity, are a favorable option compared to variable-rate HELOCs or cash-out refinancing. They are best for long-term benefits like debt consolidation or home improvements but require reliable repayment to avoid foreclosure.