The Fed meets next week and is expected to make another rate cut. The Fed’s job is to promote “maximum employment, stable prices, and moderate long-term interest rates”....quite a task in these times.

This will help lower interest rates on loans tied to prime like home equity lines of credit, many commercial loans, & credit cards, but will not DIRECTLY lower interest rates.

The federal funds rate, currently at 1%, is the rate at which banks lend balances held at the Fed to one another as one bank, finding itself short of required reserves (due to withdrawals) borrows from another that has too many. 

This lowering of rates does have SOME trickle-down effect over mortgage rates, long-term, but mortgage rates are still based off supply & demand (contrary to popular beleif) - What rate the market will the bear considering current economic conditions & investor demand.