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Home-improvement buffs, parents of college-bound children, debt consolidators, take note: If you are thinking of tapping into your home equity, the rates look better than they have in years, according to a new Bankrate.com survey.
You can pick your flavor -- both the variable-rate home equity line of credit and the fixed-rate home equity loan look good, thanks to six interest rate cuts issued this year by the Federal Reserve Board. The Fed has brought the prime rate down from 9.5 percent to 6.75 percent since the beginning of the year, bringing home equity rates tumbling down with them.
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