NO, it is priced in right now. Fed rate cuts drop short term debt IR immediately ie variable rate credit cards, heloc's etc...the bond market anticipates fed action well in advance and prices accordingly weeks before it actually happens. There are other more direct cause/effects on mortgage rates but keep your eye on the 10yr T-Bond, that is the best indicator for us common folk of what fixed mtg rates are doing. Prices up, yield down is what you want if you are wanting to buy or refi.

IF the fed does something other than expected, fixed rates often go up the same day the fed announces a cut. I have a helluva time explaining that to people as I get a bunch of calls each time the fed cuts rates but ive seen it happen MANY times.

As of today we are essentially right back where we were in the summer of 03, all time record low rates...i gotta run my phone is ringing steadily for the first time in a year...cheers
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Team FROGG TOGG/Pfluegger/Goite Anti-Poser Posse