What's a good HELOC interest rate now that rates are falling again?

HELOC interest rates have declined significantly over the past year. Dragon Claws/Getty Images

In the past three years, finding inexpensive ways to borrow money has been difficult.

Credit card interest rates hit a record high (and are only slightly lower now). Personal loan rates, meanwhile, were (and remain) comfortably over 10%. And mortgage rates were, at one point, near their highest point since 2000, effectively eliminating the benefits of a cash-out refinancing approach.

Home equity borrowing rates , however, were relatively affordable, frequently in the single digits for qualified homeowners. And they've become much less expensive over the past year, as the Federal Reserve has moved to cut interest rates multiple times. That rate-cutting approach continued last mont