HELOC interest rates have been on a steady decline for much of the past year, approximately. sakchai vongsasiripat/Getty Images

If you're looking to borrow money, the interest rate you need to repay it back with is always a top consideration. Unfortunately, in recent years, cost-effective borrowing options have been rare. With interest rates on products like home equity loans , personal loans and credit cards all recently in the double digits (not to mention mortgages, which at one point were near their highest level since 2000 ), borrowers had very few affordable options to choose from.

Against this backdrop, a home equity line of credit (HELOC) , however, has been one of the better ways to borrow. Not only does it leverage a robust source (with the average home equi

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