That means home equity loan rates, while not falling in direct relation to the federal funds rate, are generally on a decline right now. With the average homeowner also in possession of around $330,000 worth of equity , this combination of low rate and high equity makes it an attractive way to borrow money in today's unique economic climate.

The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future, experts say. A combination of better-than-

Mortgage refi rates have fallen for a second day, lowering the 30-year average to its cheapest level since mid-October. Most other loan types saw rates hold steady or drop.

The average 30-year mortgage rate remains high despite the Federal Reserve again dropping its key interest rate.