By the time a Fed cut is widely expected, most of it is usually already reflected in mortgage rates before the meeting ever happens. Mortgage rates do not track the federal funds rate directly. They move with the bond market, mainly the 10-year Treasury and mortgage-backed securities, and those markets price in what they expect the Fed to do well ahead of the announcement. As a cut becomes more certain, the expectation gets baked into rates in advance. That is why the day of the actual decision often brings little movement, and why rates can even rise after a cut if the Fed's message differs from what the market assumed. What actually moves rates is the surprise: the gap between what was expected and what arrives, whether from the decision itself, the guidance about future meetings, or the economic data in between. That is also why nobody can promise where rates go from here, and why it is worth being skeptical of anyone who does. If your plan hinges on waiting for the next cut, keep in mind that the cut you are waiting for may already be in the rate. The durable move is to focus on what you control: your credit, your down payment, and a payment that works at the rate available when you buy. If you want to watch actual daily movement instead of headlines, use the Mortgage News Daily rate table, right here on our site, and keep an eye on the bond market and the Fed's forward guidance rather than the headline cut alone.