How long after a change does it take for the fed prime rate to affect the lending rantes offered on mortgages?

The fed cut rates today 1/22/2008 by 75 points, but I checked rates offered on mortgages today and found that they have only dropped slightly. How long does it take before mortgage rates change with the fed prime rate cut?How long after a change does it take for the fed prime rate to affect the lending rantes offered on mortgages?
It doesnt change mortgages. Ive answered this question many times today but it doesnt affect mortgages.





It wont affect it, sometimes it can make it worse. Mortgages are sold like Oil, or Corn ect. They are sold on the open market. If China, Japan ect decide they dont want to buy mortgages anymore the rates go up.





The Fed doesnt control mortgage rates. The people that buy mortgage backed securities do.





People that think the Fed controls mortgage rates are wrong. Its like thinking the feds lowered mortgage rates and now the price of corn should go down. Its the same thing.





Its purely a market decision not a fed decision. Rates went down today because of what happen to China's market yesterday. It had nothing... absolutely nothing with what the Feds did.





Thats how it rolls.How long after a change does it take for the fed prime rate to affect the lending rantes offered on mortgages?
Sometimes Adjustable Rate Mortgages (ARM) rates will change. Additionally lines of credit rates will change too. It may take some time. You never really know how long.

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