By Linda Bell, Bankrate.com

The Federal Reserve just did something it hadn’t yet done in 2025: It lowered its benchmark overnight lending rate.

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Should you pay off your mortgage early?

While the markets largely expected September’s quarter-point rate cut, it does mark the beginning of a potential easing cycle after months of holding rates steady. That matters for homeowners because the Fed’s decisions ripple through to home equity loan and HELOC rates, shaping how expensive (or affordable) it is to tap into the value of your home.

The natural questions now are: How much rate relief can home equity borrowers actually expect? And how might that impact the appetite for borrowing?

Fed tightening to improve home equity rates

If you’ve got a HELOC, you know that the Fed’s moves matter. HELOCs have variable rates tied directly to the prime rate, which typically moves almost in lockstep with the Fed’s benchmark rate. In contrast, fixed-rate home equity loan rates are less sensitive to Fed moves, although new borrowers may see their rates gradually shift as well.

September’s recent cut is already showing up in the numbers. In the week of September 24, both HELOCs and home equity loans recorded some of their most significant drops of the year, falling to 7.88% and 8.19%, respectively, according to Bankrate’s national survey of lenders. On the heels of last year’s tightening, rates are poised to continue falling, with the Fed signaling more rate reductions to come.

“Incorporating the full point of cuts the Fed made last year, plus the recent quarter-point cut and the half-point of additional [quarter point] cuts forecast by the end of the year [at the October and December meetings], that’s 175 basis points in total cuts from September 2024 through December 2025, most likely,” says Ted Rossman, senior industry analyst at Bankrate.

That means by year’s end, average HELOC rates could land around 7.3%. Fixed-rate home equity loans may ease more slowly and settle around 7.9%. Not cheap money, but a notable improvement from the 10+ percent highs borrowers faced at the beginning of 2024.

Home equity rate relief impact

Although rates may trend lower this year, the reality is that it will take some time for a drop in home equity rates to reach borrowers’ wallets.

“While there is certainly cause to rejoice with the Fed cutting rates, it will take many rate cuts of 0.25% for consumers to start really noticing and feeling the improvement in their monthly payments,” says Sarah DeFlorio, vice president of mortgage banking at William Raveis Mortgage, a real estate company based in Connecticut.

In other words, it’s a series of interest rate cuts, and not just a single one, that will make the most difference. “If HELOC rates fall to the low 6% range by late 2026, it will lower the monthly payment needed to withdraw $50,000 in equity by another $50, about 17% less than today’s levels,” notes Selma Hepp, chief economist at Cotality.

While that’s meaningful, perspective also matters. “We’re not going back to 3% to 4% HELOCs anytime soon, but this is becoming a less expensive source of funds, which could open up some more usage for home improvements, debt consolidation, etc.,” says Rossman.

Teaser rate offers will be subdued

In falling interest rate environments, lenders often roll out promotional HELOC rate offers to capitalize on rising consumer demand. However, the timing of the Fed cuts at the end of the year could put a damper on those deals.

“Marketing spend is typically front-loaded for the spring lending season, and right at that time, we saw probably the biggest number on record of the usage of promotional rates,” says Ken Flaherty, senior manager, retail lending at Curinos, a data insights firm based in New York. “In Q4, [lenders] are typically out of spend or don’t have it aligned to the non-seasonal months of home lending, which is typically Q4 and Q1 of every year.”

However, due to the potential for additional rate cuts this year, teaser offers can often be a double-edged sword for lenders. While the offers drum up business, the danger is that if lenders choose a promotional rate now, two more rate cuts from now, the standard rate could be even lower than the teaser rate, explains Kinley Hicks, home equity market analyst at Curinos. “It’s finding a balance, because typically these [promo rates] are locked for six to 12 months.”

Why equity tapping is likely to rise

Even without aggressive promotions, there are two primary reasons more homeowners could tap into their housing stake.

Although equity growth has moderated, homeowner equity totaled $17.5 trillion in the second quarter of 2025, or about $307,000 per homeowner, according to Cotality data. That’s the third-highest figure ever. Flaherty notes that following the Fed’s surprise 50-basis-point cut in September of 2024, both home equity utilization and average balances increased.

Additionally, millions of homeowners are “locked in” to 2- to 3-percent mortgages and are reluctant to sell. Tapping into their equity for renovations or debt consolidation is a way to put that wealth to work without giving up a cheap first mortgage.

The stage has already been set. In the second quarter, home equity lending increased more than 16% from the previous quarter and almost 5% from last year, according to ATTOM Data Solutions. What’s more, ICE reported that homeowners pulled $52 billion in equity from their properties in the second quarter of this year. As Andy Walden, head of mortgage and housing market research at Intercontinental Exchange, puts it, equity extraction “hit our highest level in nearly three years.”

Economic wild cards

Of course, nothing is guaranteed. The Fed’s path and that of home equity rates depend on how the economy evolves.

Warning signs are indeed flashing. Inflation still remains a concern, along with a softening job market. At a post-meeting news conference, Fed chair Jerome Powell said, “In the near term, risks to inflation are tilted to the upside and risks to employment to the downside, a challenging situation. When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate.”

That means if inflation flares back up, the Fed could slow or even pause its rate cuts, putting a floor under borrowing costs.

How homeowners can prepare

For now, the trend points to gradually lower home equity borrowing costs, especially for HELOCs. Keeping an eye on the Fed’s moves can offer clues to where home equity rates may be headed. For borrowers, the best strategy now is to stay alert and adaptable. Be sure to shop around, as not all lenders price their products the same way.

And whether you need to tap your housing stake for renovations, to consolidate debt, or for a cash cushion, the best course of action is to get professional advice. “A lending specialist can help show you your options,” says Flaherty. “Whether it is a HELOC or a home equity loan — or potentially, for some consumers, we could be quickly approaching a scenario where you know a mortgage rate and term cash out is the better solution for you.”

©2025 Bankrate.com. Distributed by Tribune Content Agency, LLC.

For months, speculation had mounted over which global superstar would headline the Super Bowl LX halftime show. Taylor Swift and Adele were the front-runners — at least in the hearts of their fans. But on Sunday night, the National Football League announced that Bad Bunny was its choice.

Many celebrated the fact that the Grammy-winning Puerto Rican superstar would bring his fusion of Latin trap and reggaeton, and other genres to football’s biggest stage on  Feb. 8, 2026. Then came the backlash.

Right-wing critics denounced the choice as “woke propaganda,” fixating on two points: Bad Bunny performs largely in Spanish, and he has openly criticized the Trump administration’s immigration policies — particularly its aggressive use of Immigration and Customs Enforcement officers.

Some people online have even suggested that the artist should be deported during his performance — forgetting, or perhaps not knowing, that Puerto Ricans are U.S. citizens.

But the ignorance doesn’t end there. Framing the league’s decision as another culture war flash point misses a simpler reality: Picking Bad Bunny, who unapologetically represents the Latin diaspora, is a shrewd business play for the NFL. His massive international appeal makes him an ideal choice to help the league advance its ambition of building a global fan base.

Those desires date back to the 1960s, at least, but really took flight in 1986 when the NFL began a series of preseason games in the U.K. This year, the league is holding seven regular season games in five countries on two continents, and it just announced a deal to play at least three regular season games over five years in Rio de Janeiro.

The international games have done well, selling out stadiums around the world. But the league isn’t leaving anything to chance. In addition to playing games in overseas markets, it’s leaned into building grassroots interest in the sport as well by sponsoring watch parties and youth leagues, among other steps, in targeted regions. The strategy has worked. Last year, for example, the NFL estimated that Germany is home to 19 million NFL fans, of whom 3.6 million watch it regularly.

By far, however, the biggest fan base abroad is in Latin America. Mexico, according to the league, is home to 40 million fans on its own. Meanwhile, Latino viewers — in the U.S. and outside of it — are spiking, as are Spanish-language broadcasts. Some of that growth is likely due to Mexico’s shared border with the U.S. and its cultural ties (some version of football has been played there since the 1920s), and some is no doubt due to the NFL’s marketing efforts in the region.

As usual, the league wants more. Commissioner Roger Goodell recently talked up his interest in expanding the NFL’s international schedule to 16 games per season, and the possibility of holding a Super Bowl abroad. Achieving these targets could generate billions in new revenue and attract legions of fans. But football alone won’t get the NFL there, not even in Latin America. The league must also position itself as a cultural force that extends beyond the game, just as it has in the U.S.

The Super Bowl halftime show is an ideal platform for doing it.

Though it started out as little more than a time-filler featuring marching bands, it’s become a sophisticated tool for the league to court the demographics that it covets as fans. For example, in the mid-2010s, the NFL sought to attract millennials to its broadcasts by booking artists such as Beyoncé, Katy Perry and Coldplay.

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The halftime show isn’t just about spotlighting a generation’s favorite artists. It’s also crafted to present whoever is on the stage in ways that feel authentic to the intended audience. In recent Super Bowls, that’s meant engineering moments tailor-made for short-form clips that can be shared on Instagram and TikTok.

Serena Williams’ cameo during Kendrick Lamar’s Super Bowl LIX performance in February, epitomized this kind of content. Based on my own social media, many of the people sharing those clips aren’t (or weren’t) NFL fans. And a recent poll conducted by Seton Hall University found that 25% of the people tuning into the Super Bowl do so because they look forward to the halftime show more than the game (or commercials). For self-identified non-fans, the percentage rises to 38%. Many of those halftime spectators may never become serious NFL football fans. But they might just tune in to another halftime. That’s probably good enough for the league as it proves its relevance in international markets where it’s competing with homegrown favorites such as soccer.

Bad Bunny can only help with that endeavor. Critics who complain that the artist is not a representation of American football aren’t familiar with NFL’s long game. The goal is to have more people recognize NFL as an international brand and that transcends national politics.

Adam Minter is a Bloomberg Opinion columnist covering the business of sports. He is the author, most recently, of “Secondhand: Travels in the New Global Garage Sale.”

Today is Saturday, Oct. 4, the 277th day of 2025. There are 88 days left in the year.

Today in history:

On Oct. 4, 2002, “American Taliban” John Walker Lindh received a 20-year sentence after a sobbing plea for forgiveness before a federal judge in Alexandria, Virginia. (He was released from prison in May, 2019.)

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In 1777, Gen. George Washington’s troops launched an assault on the British at Germantown, Pennsylvania, resulting in heavy American casualties and the retreat of Washington’s Continental Army.

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In 1927, sculptor Gutzon Borglum began construction on what is now Mount Rushmore National Memorial.

In 1957, the Space Age began as the Soviet Union launched Sputnik 1, the first artificial satellite, into orbit.

In 1965, Pope Paul VI became the first pope to visit the Western Hemisphere as he addressed the U.N. General Assembly.

In 1970, rock singer Janis Joplin was found dead in her Hollywood hotel room at age 27.

In 2001, a Russian airliner flying from Israel to Siberia was accidentally downed by a Ukrainian anti-aircraft missile over the Black Sea, killing all 78 people aboard.

In 2004, the SpaceShipOne rocket plane broke through Earth’s atmosphere to the edge of space for the second time in five days, capturing the $10 million Ansari X prize aimed at opening the final frontier to tourists.

Today’s Birthdays:

Baseball Hall of Fame manager Tony La Russa is 81.
Actor Susan Sarandon is 79.
Actor Armand Assante is 76.
Actor Christoph Waltz is 69.
Singer Jon Secada is 64.
Actor Liev Schreiber is 58.
Actor Abraham Benrubi is 56.
Actor Alicia Silverstone is 49.
Actor Caitríona Balfe is 46.
Actor Rachael Leigh Cook is 46.
Actor Melissa Benoist is 37.
NBA All-Star Derrick Rose is 37.
Actor Dakota Johnson is 36.

A shifty Jacob Reubish raced through the Tartan defense for his third touchdown of the game late in the third quarter.

A six play, 94 yard drive that epitomized the Zephyrs 39-6 win over the Titans. Mahtomedi’s defense suffocated the Titans and after claiming a first quarter lead they cruised to the victory Friday night.

Mahtomedi head coach Dave Muetzel said his offensive line leaned on Tartan.

“Guys up front is where it started,” Muetzel said. “They just continued to kind of wear them out a little bit and then our backs behind them were running hard.”

It was the Zephyrs first home game since Mahtomedi High School officials canceled its original homecoming game against Bloomington Kennedy on Sep. 19th. The Washington County Sheriff’s Office advised them to because of ongoing law enforcement activity in the area.

Tartan grabbed the lead early with a field goal on the games opening drive.

After two fumbles in the first quarter, one lost, the Zephyrs got on track. Senior quarterback Mark Graff rolled to his right and fired outside the numbers to junior wide receiver Gavin Bifulk for a 30 yard gain into Tartan territory.

Mahtomedi continued their march down the field and punched it in on a nine yard rushing touchdown by senior tailback Jacob Reubish. The Titans broke through and blocked senior kicker Harlow Berger’s extra point keeping it 6-3 Zephyrs.

Bifulk, also the Zephyrs kickoff specialist, took offense to the blocked kick and booted the ball off Tartan up-man John Wenker on the ensuing kickoff. Mahtomedi senior lineman Thomas Bengston pounced on giving the Zephyrs favorable field position at the Tartan 48 yard line.

Mahtomedi rode the momentum and without completing a pass crossed the goal line again. A Graff one yard quarterback sneak made it 12-3 as Mahtomedi failed to convert two-point conversion.

Tartan responded with a sustained drive of their own spearheaded by senior tailback Martin Kelly Brown. A drive that ended with kicker Damien Smith drilling 44-yard field goal to pull within six.

The Zephyrs mounted a six play, 65 yard drive in just 1:22 and Reubish scored for the second time on the night. Another failed two point try kept it 18-6 Mahtomedi with 42 seconds left in the half.

Tartan’s junior quarterback Isaac Ou strung together three straight completions to reach field goal range for Smith with 3 seconds to play. But, Zephyrs senior defensive back, Alex Haase, blocked Smith’s 49-yard attempt, aided by a no-call as he jumped offside before the snap.

Reubish was the engine for the Zephyrs producing 123 yards on 16 carries in the first half. He said the offense found its footing after its opening drive.

“I feel that we stayed composed,” Reubish said. “We knew that we had a plan going into it and that we just stuck with our plan and it worked out.”

That plan was on display during Mahtomedi’s methodical 10-play drive to start the second half that junior running back Gavin Kruse finished off with Mahtomedi’s fourth rushing touchdown. Harlow Berger knocked the extra point through making it 25-6 Zephyrs.

Tartan drove down inside Mahtomedi’s 10 but stalled out, and the Zephyrs punished the Titans for their inability to score. The Zephyrs going 94 yards on six plays, capped off by Reubish’s third rushing touchdown of the night.

Mahtomedi tacked on another touchdown late in a 39-6 win over Tartan, improving to a record of 6-0.

The Zephyrs will put their unbeaten record to the test next Friday against Cretin-Derham Hall at O’Shaughnessy Stadium on the campus of the University of St. Thomas.

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