Do not fall in to that trap.  The Fed's have nothing to do with mortgage rates

The fed fund rate is the rate that banks lend money to each other.  The rate is closely associated to the prime rate which will now be lower.  The prime rate is what most equity lines are tied to.  Terefore the equity lines will be lower.

The number to watch is the 10 year treasury.  The yield went down a little today and that's good.  The 10 year note yield is what banks use to figure out the 30yr fixed rate.  There is one other bond the fnma 30yr bond that is actually the index for the 30 year fixed rate.  However the 10yr yield is a great indicator of rates.

The refi boom is here.