How much will an $80,000 home equity loan cost per month after the Fed's October rate cut?

Home equity loan costs are declining now that the Federal Reserve is cutting interest rates again. MonthiraYodtiwong/Getty Images

Your home can be a source of financial security and peace of mind. But it's also increasingly becoming a viable funding source for homeowners in need of extra money in today's unique economic landscape.

With inflation and unemployment rising, homeowners may find themselves looking for a cost-effective way to borrow a large, five-figure sum of money now. With the average home equity amount sitting over $300,000 currently, borrowing just $80,000 of it via a home equity loan should be relatively easy to do. And, thanks to the cooling interest rate climate encouraged by the Federal Reserve's October interest rate cut , it can be one of the le