What is a Fixed-Rate Lock Option on a HELOC?

A fixed-rate lock allows you to convert a portion of your drawn HELOC balance into a fixed-rate sub-loan at a specified rate and term, without refinancing the entire HELOC. The locked portion makes equal principal-and-interest payments at the fixed rate. The remaining HELOC balance continues as a variable-rate revolving line. Checked September 2026, Bank of America, PNC, TD Bank and U.S. Bank all publish a version of this feature, under four different names: Fixed-Rate Loan Option at Bank of America, a Fixed Rate Part at PNC, and a Fixed Rate Option at both TD Bank and U.S. Bank.

How is the fixed-rate lock rate set?

Not from your HELOC's variable rate, which is the common misconception. The two lenders that publish the basis price it off a separate benchmark. U.S. Bank's Program Description states the rate will be the published 10-year Treasury Security Rate in effect at the date of conversion plus a margin. TD Bank states its Fixed Rate Option rates are based on its current home equity loan rates for a comparable term, plus any applicable rate discounts at the time the request is made. So the lock is priced against fixed-rate funding costs on the day you ask, and whether it lands above or below your current variable rate depends on the shape of the curve rather than on a fixed premium.

CONVERT TO FIXED RATE · CHECKED SEPTEMBER 2026

Converting a HELOC to Fixed Rate: Lender-by-Lender Guide (September 2026)

Q: How many locks can I hold simultaneously?

Three at Bank of America, TD Bank and U.S. Bank, each published in their own disclosures: Bank of America allows no more than three open at one time and no more than four created in any one statement period, TD Bank allows up to three outstanding at any one time, and U.S. Bank allows up to three active. PNC confirms in its own disclosure that a limit exists, referring to limits on the maximum number of Fixed Rate Parts open at any time, but does not publish the number anywhere on its site. Minimum lock amounts are $2,000 at U.S. Bank and $5,000 at the other three.

Some lenders let you convert part of your drawn HELOC balance to a fixed-rate sub-loan without refinancing. The variable line continues alongside the locked portion. Four lenders publish the feature, under four different names, and the terms that matter are the minimum lock, the number you may hold at once and whether locking costs anything. Every figure below is quoted from the lender's own disclosure, checked September 2026.

How the Fixed-Rate Lock Option Works

You designate a portion of your drawn balance to be locked at a fixed rate for a defined term. The locked amount is removed from the revolving line and becomes a fixed-payment sub-loan with equal monthly principal-and-interest payments. Bank of America and U.S. Bank both let you do this at account opening as well as later, and U.S. Bank publishes that the option can only be exercised during the ten-year draw period.

The remaining balance continues at the variable rate, and you can still draw against the variable portion subject to the overall credit limit. TD Bank is the one lender here that publishes the option as available during the repayment period too, not just the draw period.

The rate is not set as a premium over your variable rate. Where the basis is published it is a separate benchmark: U.S. Bank uses the published 10-year Treasury Security Rate in effect at the date of conversion plus a margin, and TD Bank uses its current home equity loan rates for a comparable term. So the lock can price above or below your variable rate depending on the curve on the day you ask, and no lender publishes a fixed spread you can plan around. Three of the four charge nothing to lock; PNC charges $100 each way once the account is open, and nothing at closing.

Lenders Offering Fixed-Rate Lock (September 2026)

Lender	Feature Name	Min Lock	Max Locks	Lock Fee	Term Options
Bank of America	Fixed-Rate Loan Option	$5,000	3 open at once	$0	Not published
PNC	Fixed Rate Part (Choice HELOC)	$5,000	Not published	$0 at closing, $100 each way after	5-30 years (5-20 in TN)
TD Bank	Fixed Rate Option	$5,000	3 outstanding	$0 setup	Cannot extend beyond repayment period
US Bank	Fixed Rate Option	$2,000	3 active	$0	1-5 yr interest-only, 1-20 yr amortising

Each row is quoted from the lender's own disclosure or product page, accessed September 2026. Where a term is not published, the cell says so rather than estimating it. Note the two real differences hiding behind similar feature names: PNC is the only one of the four that charges to lock, at $100 each way once the account is open and nothing at closing, and it is the only one that confirms a limit on concurrent locks exists without publishing the number. U.S. Bank has the lowest minimum at $2,000, against $5,000 at the other three.

Sources: Bank of America Equity Maximizer initial disclosure statement; PNC Choice HELOC early disclosures; td.com HELOC terms; U.S. Bank fixed-rate HELOC page and Program Description. Verify against your own account agreement, which is the version that binds.

Lenders That Do Not Offer Fixed-Rate Lock (September 2026)

Figure, Aven, Better and SoFi. For these lenders, converting to a fixed rate requires a full refinance. See refinance options. Figure is a partial exception worth understanding: it offers a fixed-rate line where the rate is set at origination, so there is nothing to convert, but equally no mechanism to fix a rate later if you took the variable product.

Three names to treat carefully. Chase publishes a Fixed-Rate Lock Option on its servicing pages for existing accounts, but its current origination disclosure states the line carries a variable rate for the full 30-year term, so do not count on it for a new line. Rocket Mortgage does not offer a HELOC at all, only a fixed-rate home equity loan, so the feature does not apply. Wells Fargo is not accepting new HELOC applications and has not since April 2020, so any Wells Fargo rate-lock terms you find quoted describe a product you cannot open.

When to Use the Lock

Rising-rate environment

If you believe prime will rise further, locking converts variable exposure to fixed. The premium paid for certainty is small compared to a 100bp+ move.

Large draw you will not repay quickly

A significant balance with a multi-year payoff timeline has high variable-rate exposure. Locking gives payment certainty and removes the planning risk.

Desire for partial predictability

You want to keep some HELOC flexibility for future draws while making a large current draw more manageable. Split the balance.

Combined Payment Calculator

Split your HELOC balance: lock part at a fixed rate, keep the rest variable. See your combined monthly payment.

Total HELOC balance ($)

Lock amount ($)

Fixed rate (%)

Fixed term (years)

Variable APR (%)

Fixed portion (P+I)

$368/mo

$30,000 locked

Variable (interest-only)

$417/mo

$50,000 variable

Combined payment

$785/mo

vs. fully variable

+$118/mo

cost of partial lock

Worked Math Example

Borrower has an $80,000 HELOC balance. Locks $30,000 at 8.25% fixed for 10 years. Remaining $50,000 stays variable at prime 7.00% + 2.75% = 9.75% APR.

Locked portion ($30k @ 8.25% / 10y)	$368/mo (P+I)
Variable portion ($50k @ 9.75%)	$406/mo (interest-only)
Total monthly payment	$774/mo
vs. fully variable ($80k @ 9.75%)	$650/mo (interest-only)
Difference (cost of lock certainty)	+$124/mo

If prime rises 100bp, the variable portion becomes $448/mo and the fully-variable total becomes $717/mo. The locked portion stays at $368/mo regardless.

FAQ

What is a fixed-rate lock on a HELOC?+

It lets you convert part of your drawn HELOC balance into a fixed-rate sub-loan at a specified rate and term, without refinancing. Checked September 2026, Bank of America, PNC, TD Bank and U.S. Bank all publish the feature, under four different names: Fixed-Rate Loan Option, a Fixed Rate Part, and a Fixed Rate Option at both TD and U.S. Bank.

How is the lock rate set?+

Off a separate benchmark, not as a premium over your variable rate. U.S. Bank publishes that it uses the 10-year Treasury Security Rate in effect at the date of conversion plus a margin. TD Bank publishes that it uses its current home equity loan rates for a comparable term. Whether that lands above or below your variable rate depends on the curve on the day you ask, and no lender here publishes a fixed spread.

How many locks can I hold simultaneously?+

Three at Bank of America, TD Bank and U.S. Bank. Bank of America adds that no more than four may be created in any one statement period. PNC's disclosure refers to a limit on the number of Fixed Rate Parts open at any time but does not publish the figure. Minimum lock size is $2,000 at U.S. Bank and $5,000 at the other three.

Does it cost anything to lock?+

Nothing at Bank of America, TD Bank or U.S. Bank, all of which publish a $0 fee. U.S. Bank also lets you unlock and re-lock without fees during the draw period. PNC is the exception: free at closing, then a $100 transfer fee each time you move money into a fixed rate part, and another $100 each time you move it back.

What if I want to convert the whole balance?+

Use the lock to convert the full balance, or refinance to a fixed-rate HEL. See /refinance-HELOC-mechanics for when full refinance is better than partial lock.