Here's what a $50,000 HELOC costs monthly after the October Fed rate cut

The costs associated with a $50,000 HELOC have steadily declined over the past year, approximately. BanksPhotos/Getty Images

Borrowing money can be stressful enough, but when doing so with a product that has a variable rate , it may be so worrisome that borrowers elect to pay more with a fixed-rate alternative.

But that could be a costly mistake in today's economy, especially for homeowners looking to leverage their home equity . And it's largely one that can be easily avoided, considering the recent, consistent decline in home equity line of credit (HELOC) interest rates. Average rates here are down by more than two full percentage points over the last year , encouraged in part by the Federal Reserve's recent interest-rate cutting campaign.

The latest cut from t