Second mortgage rates are likely to be higher than primary mortgage rates. For example, in late June 2023, the current average 30-year fixed mortgage interest rate was 6.96 percent, vs. 8.60 percent for the average home equity loan and 9.17 percent for the average HELOC. The disparity is due partly to the loans’ terms (second mortgages’ repayment periods tend to be shorter, usually 15 to 20 years), and partly due to the lender’s risk: Should your home fall into foreclosure, the lender with the second mortgage loan will be second in line to be paid. However, you may find that second-mortgage rates still may be lower than rates on unsecured debt like personal loans or credit cards.