Mortgage rates dropped to 5.875% PAR for 30yr fixed mortgages.
Normally, you will need to have good credit, downpayment or equity, to qualify for the low rates. You will still be able to get a 6.125% with average scores, and down payments.
This is great news for those who are looking to refinance or purchase their new home in the near future.
FED announced a .50% drop for Fed Funds Rate, lowering it to 4.75%.
The board of governors also approved a .50% drop for the Discount rates.
Discount rates are now at 5.25%
http://www.federalreserve.gov/newsevents/press/monetary/20070918a.htm