Should you lock in a home equity loan rate before the October Fed meeting?

Locking in a home equity loan rate before the Federal Reserve's October meeting may not make sense for many borrowers. Pla2na/Getty Images

It's an exciting time to be a borrower.

Mortgage interest rates are down, hovering around a three-year low . And home equity line of credit (HELOC) rates are down too, having recently broken under the 8% mark. Rates on home equity loans are also lower than they've been, thanks to market conditions and a lower Federal funds rate.

And all three could soon be even lower, if the Federal Reserve continues its recent rate-cut campaign, which seems inevitable for when the central bank meets again at the end of October. Another rate cut is also looking increasingly likely for the bank's final 2025 meeting in December, too.

With the Fed's