After an ugly start in the stock market the Federal Reserve came out shortly after 8AM and announce a Fed rate cut of 0.75%. This rate cut will help the housing and mortgage market. This morning a 30 year fixed mortgage rate was 5.125% no Points. This is great news! It's great time to refinance right now to a 30 year fixed mortgage and also buy a new home. The rates are very low and the home prices in many areas are down 5% or more.