Maybe you don’t think too much of it when the Federal Reserve cuts interest rates by a quarter of a percentage point, but I’d say you’re wrong.

The Fed has sent you a message: Get up and get going now, to cut your costs of borrowing.

If you have a home equity line of credit, for example, that rate should be lower today, not just by this week’s quarter-point cut. The Fed has actually been cutting rates drastically since last September. It has slashed a total of 3 and a quarter percentage points off a key short-term rate.

Which means that even if you took out a home equity loan just a few months ago, you could lower your interest rate significantly by refinancing it now.

If you have a revolving line of credit tied to your home equity, your payment may drop. Or you could move that debt over to a fixed-rate, fixed term loan. Lock in the lower rate and you’ll pay back less overall.

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