The prime rate is 3 percent above the fed funds rate. You can track the prime rate on Bankrate using the "Rate Watch: Track leading interest rates" feature.
The interest rate on your HELOC shouldn't be the driving force in refinancing your existing mortgage loans.
A "Home Equity Loan", "Home Equity Line","refinancing your mortgage / re-mortgage" and getting a "second mortgage" are all different names for the same thing and are sometimes used as a debt consolidation option.
These terms refer to the bank lending you money against the portion of your home that you own.
By consolidating your debts into a home equity loan or line of credit, you'll have the convenience of one consolidated payment rather than having several bills from different creditors.