As a reminder though, when you here that Feds lower (or raise) their fed funds interest rate, this does not directly affect  the 15 and 30 year mortgage rates.  The Fed rates are short term rates that primarily affect credit cards, home equity loans and adjustable rate mortgages.

If you are interested in what the 30-year mortgage rates are doing, get in contact with your loan officer and ask him to keep you posted on these rates.  Interest rates for home loans can change every day, not just when the Feds meet.  Historically, 30-year rates are still very low, although they are just slightly higher than their 40 year lows of a few years back.  It is still a good time to buy or refinance a property!