Depending on your personal goals and needs, you could take on a fixed-rate home equity loan a few months from now, when rates are likely to be lower. A home equity loan rate is fixed at the beginning, so you'd miss out on later rate drops, but you'd be insulated against any potential rate increases in the future.

The Federal Reserve cut its key interest rate by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s