The home equity borrowing climate is an encouraging one for homebuyers this October. Andrii Yalanskyi/Getty Images

September brought good news for borrowers. The Federal Reserve conducted its first rate cut of the year, making the cost of borrowing less expensive. While a range of factors influence home equity borrowing rates , they generally move in the same direction if there's a rate cut or hike to the federal funds rate.

Despite the welcome change, economic uncertainty continues as inflation inched upward in August to 2.9% year-over-year, after coming in at 2.7% in July. The Federal Reserve is set to meet at the end of October and current estimates show a high probability of another rate cut, according to the CME Group's FedWatch tool. That could have a positive impac

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