The Federal Reserve’s recent rate cutting moves are not lowering mortgage rates for new buyers, as much as they helping those who hold existing adjustable rate mortgages.

In addition, rates on home equity lines, credit cards, and many auto loans have all dropped significantly. Many homeowners now will not face higher rates as their adjustable-rate mortgages reset, helping alleviate some of the recent foreclosure problems.

New applicants for mortgages are likely to continue to pay more then would be expected. Mortgage rates usually follow the 10 year US Treasury rates, and have traditionally traded just below 2 percent above 10-year treasury yields. Treasury’s currently yield about 3.45 percent. However, investors including pension funds, insurance companies, and bond mutual funds are demanding a greater premium these days for mortgages over the usually less risky U.S. Treasury bonds.

Good advice for buyers seeking mortgages is to shop around. All mortgages are not alike, and mortgage rates are still at historically low rates.

Now is the best time for those buyers who have been sitting on the fence to make their move into homeownership or for those who want to buy up into larger homes.