Fed rate cut excitement dies down, and mortgage rates go back UP, despite hopes that the Fed rate cut would help mortgage rates remain lower (at least at levels of two weeks ago, when they dropped). No dice. Instead, mortgage loans are more expensive and the economy may not be getting the benefits originally thought would accompany the Fed rate cut. Inman News reports on the economy and the Fed rate cut:

At this moment the economy receives some
dinky benefit from the cut (Construction money is 0.5 percent cheaper
– wanna build a house? Short-term rates are down — how about a nice
new neg-am pre-pay-penalty ARM? No?), but the crunch is still in place,
especially in Mortgageland.

SO, while some mortgage rates went down, they are loans that are considered undesirable. Instead, you’ll have to rely on incentives, such as those that come with green mortgages.