Federal Reserve Chair Jerome Powell is known for providing clear signals about the central bank’s next interest rate move in order to avoid roiling markets. But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday.

Now that the Federal Reserve has finally cut rates, though, the question on many homeowners' minds is whether this is the right time to consider a home equity loan or a home equity line of credit (HELOC). The rate environment has become more favorable, after all, but is it enough to justify borrowing against one's home?

A Federal Reserve official predicted quarter point rate cuts if data looked ‘fine’. But he also set out a scenario for a pause — or faster reductions.