The FED has now cut the rate to 1.5%!! Cheaper money was the theme all day on Wall Street.
How will this effect you? HELOCS, will be cheaper to obtain, because they are tied to the prime. Fix mortgages on the other hand, it might not effect too much.
Fixed mortgage rates have been going up all day today and I suspect they will do so for the next few days. At the same time, mortgage rates are really low right now. They are around 5.5% par and that is historically low.
Read more on bankrate.com
