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 After lowering the rate last week by .75%, the Federal Reserve lowers it again today by .5%. This is the most that the Fed has ever lowered rates in a seven day period. Mortgage rates last week popped down to 5% for a thirty year fixed rate mortgage and then came up to 5.625%.

  Today's Fed cut has affected the mortgage rates negatively. Rates are higher then they were before the cut. We will see what happens tomorrow.

 Still, if you have 20% to put down, with excellent credit, you can expect a rate of about 5.875% for a 30 year fixed rate mortgage.  

 Visit my web site, www.empirehomemortgageinc.com to view a daily rate lock recommendation.