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 Bankrate.com's weekly survey reported that despite the fed's rate cut Wednesday, the 30 year rate rose from 5.57% to 5.88%.

 Mortgage rates are not directly tied to the Fed rate. Mortgage rates are directly tied to what investor's are willing to pay for mortgage backed securities. Additionally they are somewhat dependent on 10 year tresury notes.

 All in all the Fed is worried about a recession. Hence they lower the rate to insure growth.