I had to ask if this FED rate decrease would positively impact our client (the short answer appears to be "no") but if you are in the midst of a loan, you may want to ask your lender today and if the answer is "no" ask again in the next several days. 

Floyd from BWA Mortgage responds:

Hi Phyllis,
 
Great question. Fed cut has had little effect, thus far, on the mortgage market and rates this morning. If rates dropped in the next hour or two (not likely) then we could go back and try and re-negotiate but two things (1) yes, it would cause a time delay  (2) the No Point Loan (she wants a no point loan) have not been priced well in this changing market.
 
I will stay on this and keep you posted.
 
All the Best!
 
Floyd

Floyd is a nice guy, I have known him for 25 years; I met him when I was a mortgage banker.  If you are loan shopping, I highly recommend him.