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10/9- Yes yesterday the fed cut rates.  Then we lose .25% in 30 year rates from the morning to the end of the day.  You may be wondering, how can interest rates go up, when the fed lowers rates?  HEre are a few things to remember:

1. When the fed lowers rates, it's usually to the prime lending or discount rates.  Yes, your equity line will improve, but there is NO direct effect on 30 year fixed mortgages.

2. More importantly, the market had already priced in the rate cut.  Last week on CNBC, analyst were already talking about the fed having to cut rates this week.  The market responds and rates improve up until Wednesday A.M.  I cannot tell you how many times I've seen rates go up the date the fed lowers rates.  It's the nature of the market.  It makes it hard for us professionals to have to explain this, but so is the way of our often whacky financial markets.