In this article, we propose, analyze and demonstrate a dynamic momentum method to accelerate power and inverse power iterations with minimal computational overhead. The method can be applied to real diagonalizable matrices, is provably convergent with acceleration in the symmetric case, and does not require a priori spectral knowledge. We review and extend background results on previously developed static momentum accelerations for the power iteration through the connection between the momentum accelerated iteration and the standard power iteration applied to an augmented matrix. We show that the augmented matrix is defective for the optimal parameter choice. We then present our dynamic method which updates the momentum parameter at each iteration based on the Rayleigh quotient and two previous residuals. We present convergence and stability theory for the method by considering a power-like method consisting of multiplying an initial vector by a sequence of augmented matrices. We demonstrate the developed method on a number of benchmark problems, and see that it outperforms both the power iteration and often the static momentum acceleration with optimal parameter choice. Finally, we present and demonstrate an explicit extension of the algorithm to inverse power iterations.