It finally happened. Federal Reserve Chairman Jerome Powell announced an interest rate cut at the Fed's last meeting on Sept. 17. However, the federal funds rate is not a primary driver of mortgage rates. When will mortgage and refinance rates drop significantly? Or will they move higher still? The bottom line for homeowners: Is now a good time to refinance your mortgage? The Fed effect on mortgage rates The Fed uses shorter-term interest rates to influence bond markets and steer the economy. By hiking ...