Here's how much a $50,000 home equity loan can cost per month after the Fed's October rate cut

The Fed's October rate cut brought modest relief to borrowers who are trying to tap into their home equity now. the_burtons/Getty Images

The home equity lending landscape is looking increasingly attractive for homeowners right now. Following the Federal Reserve's late October rate cut , in which the Fed dropped its benchmark rate by 25 basis points, home equity loan rates have fallen to the lowest levels we've seen since early 2023, with the average home equity rate now sitting at just 8.02% for shorter-term loans. This decline represents a meaningful shift for homeowners who've been waiting for the right moment to tap into their equity.

And the timing couldn't be better for many households. With the average homeowner now holding over $300,000 in equity , a record high