Who can take advantage of last week’s unprecedented sixth interest rate cut by the Federal Reserve?

You, if you are considering a home equity line of credit. Or if you’re thinking about buying a house or refinancing your current house, or going to buy a car over time or take out a personal loan. The rate cut should be of interest to you if you carry forward a balance on your credit cards. And you might be able to take advantage of the rate cut if you’re interested in getting the most out of your money market accounts and certificates of deposit.

Home purchases

Odd as it might seem, mortgage rates have been creeping up as the Fed has been reducing interest rates. That’s because interest rates on fixed-rate mortgages move in conjunction with bond market yields, not on changes in the Federal funds rate.

In fact, mortgage rates often move in anticipation of bond yields. And since Wall Street believes, or at least hopes, that the Fed rate cuts will help improve the economy, mortgage rates will likely continue to inch up in advance of an improving economy.

What to do: Consider locking in a relatively low rate now if you are in the market for a 30-year mortgage. Sure, rates could drift a little lower. But trying to time interest rate lows is nearly impossible. (Last week, 30-year fixed-rate mortgages were averaging 6.75%.)

Unlike fixed-rate mortgages, adjustable-rate mortgages (ARMs) should stay low for the foreseeable future.

ARMs track changes in short-term interest rates, such as Treasury bills and notes. If you plan to live in your house for only a couple of years, you could save some money with an ARM over a fixed-rate loan. You might also consider an ARM if a fixed rate makes your new house too expensive to afford. But remember: If you plan to stay in that house for a long time, an adjustable loan could end up costing you more than a fixed rate.

(Last week, one-year adjustable-rate mortgages averaged 5.8%. To research the best mortgage for you, visit Bankrate.com.)

Home equity loans track the prime rate, which has been dropping. If you’re thinking of opening a home equity line of credit, you can expect rates to fall farther as the market catches up with the Fed’s actions.

If you already have a home equity loan, however, these cuts won’t affect you because their rates are fixed, not variable. (Last week, home equity loans averaged 8.53%.)

Credit cards

An estimated 70% of all credit cards have adjustable rates.

What to do: We believe the best plan is to pay off all credit card debt and then pay the balance in full monthly.

If that’s not possible, consider transferring your existing balance to a low-rate card. Credit card rates are usually linked to the Wall Street Journal prime rate, which has been falling along with the Federal funds rate.

Credit cards adjust their rates quarterly. So the latest cuts should take effect shortly.

What’s a “low-rate” card? The average variable rate as of June 20 was 15.64%. We think any card that charges less than 9% is low. Bankrate.com can show you its list of cards starting at 6.5%.

Car loans

One of the main reasons the Fed is reducing rates is to make money easier to borrow so consumers will buy big-ticket items, such as cars. But it will take a little while for the Fed’s rate cuts to filter down to the car loan level.

Furthermore, banks and other lending institutions often can’t match the deals offered by some car manufacturers. The automaker can make money on the sale of the car, whereas the lending institution has to make its profit on the loan.

What to do: Don’t overlook auto dealer financing. You might find your best rates there. If you already have a car loan, consider refinancing it.

In the past, three-year loans were common. But now that some people are financing their cars with five- and six-year loans (we’re not saying that’s a smart move, only pointing out that people are doing it), there could be enough life left in your loan to warrant refinancing.

CD rates

The bad side of falling interest rates — if there is a bad side — is that you’re likely to make less money on your CDs and money market accounts.

What to do: Shop around. Interest on a simple CD can vary by several percentage points.

After you’ve shopped around, lock in the best rate for the cash reserve portion of your portfolio. If you think rates will rebound as the economy improves (and remember, we don’t recommend trying to time interest rate drops), consider a CD with a short duration to maturity, and then buy another one once that matures.