The fed cut their rate by .25% , however they (bond traders) were looking for a .5% cut. This is a breather for bond traders, and not pushing hard on the inflation button. This has so far been good for the mortgage market that has had higher rates in the last week. We will see if this is a knee jerk reaction or if the mortgage rates can sustain from the news of the Fed’s decision to cut rates.
What this means , is if you have a Home Equity Line of Credit it will go down .25% from where it is. This might only be in tact for a portion of your current billing cycle (as HELOC’s bill like credit cards). Look for it on your next statement~