With the Fed standing pat on short-term rates, what are the smart moves for you to make?

Home equity loans:
Home equity loan rates tend to follow the prime rate, though rates on longer-term loans (those with terms of 10 or 15 years, for instance) behave more like long-term, fixed mortgage rates.

In Bankrate.com's weekly rate survey, home equity loans had an average rate of 7.18 percent on April 28, up 1 basis point (one-hundredth of a percentage point) from the week before.

Best move now:
The Federal Reserve's rate-setting committee is expected to raise rates in a few months, most likely in August. If you need a home equity loan, go ahead and get one. Just keep in mind that the rate probably will rise when the prime rate goes up.

Use Bankrate's home equity loan search engine to find the best rates in your area. You'll find the lowest rates on the shortest-term loans (say, three to five years).

Home equity lines of credit:
Most equity lines of credit feature variable rates and payments tied to the prime rate, which moves up and down with Fed rate actions. Rates for equity lines of credit averaged 4.74 percent April 28. Search for the best HELOC rate in your area.

Best move now:
Rates on home equity lines of credit probably will rise in a few months, after the Fed raises short-term interest rates. If you can afford a higher rate, and you want to tap your home's equity periodically -- to pay for a series of home improvements or for college tuition -- a HELOC is a fine choice.