The Federal Reserve's decision to cut the federal funds rate by at least 75 basis points means borrowing costs on home equity lines of credit will continue to plunge.
Rates on home equity loans have been soaring lately and are unlikely to move dramatically based on the Fed's most recent action.
If you have access to the home equity line of credit, it is likely to offer your best bet for borrowing at the lowest rate possible. Just remember that failure to make your monthly HELOC payment can put your home at risk. So, borrow prudently.
If you don't have access to a HELOC, you may have to wait a long time before the opportunity to borrow comes around again. But it will arrive eventually.
"We're probably closer to the bottom of it than we've been in a long time," says Bob Walters, chief economist at Quicken Loans.
After all, he adds, "you can't have negative lending."