In short, it's unlikely that mortgage interest rates will fall much further in September, even if that doesn't mean that you should stop monitoring the market to take advantage of minor drops.

The Fed cut its short term interest rate by 0.50%. How will this affect mortgage rates, auto loans, and credit cards? Does the cut indicate a problem with the economy?

After sinking to 2-year lows Tuesday, both the 30-year and 15-year mortgage rate averages have edged up a bit. Rate movement for most other loan types was also up.