Mortgage rates UP!
Bankrate.com reports that for the week ending September 19th, "The benchmark 30-year fixed-rate mortgage rose 4 basis points, to 6.32 percent ... One year ago, the mortgage index was 6.44 percent; four weeks ago, it was 6.58 percent."
So, when the Feds lowered their rate, why did the mortgage rates go up? Bankrate.com explains that the mortgage rates had already adjusted. We see this happen often.
To read more: Bankrate.com