You have probably heard that the Federal Reserve, also known as the Fed, has cut interest rates to ZERO on the Fed Funds Rate. There is a big difference between the Fed Funds Rate, which can change day-to-day, and a Mortgage Rate, that can stay in place for 30-years. Mortgage Rates are normally based on Mortgage-Backed Securities, which have done very well, bringing Mortgage Rates towards historically low levels. But recently, the turmoil in the financial markets has caused Mortgage Rates to rise a bit, even though the Fed has cut its rate.