As most loan officers will tell you, few times do they field more calls from potential borrowers, than when the federal reserve chair cuts the prime rate. Sometimes home loans go down when this happens, but sometimes they go up. Why? The easiest way it has been explained to me is home loan rates usually are tied to the bond market. Usually, if the stock market is up, the bond market is down. Often, when the Fed cuts the rate, a stock market rally quickly follows, which can lead to higher mortgage rates.
So, if you are waiting on buying a home or refinancing, because you want the Fed to cut rates again, it probably isn't going to help. From reputable, local lenders, a 30-year fixed mortgage is going for around 5.75%. Historically, this is a great rate. Jump on it!