Future market now indicates another 50 basis point Fed rate cut in March 17-18 regular meeting. April Fed meeting another 25 bps cut. Feb fund rate will be 0.25% from April. We’ll see more drops in mortgage rate by then. Even though 10 year treasury dropped so much, but short term rate hasn’t caught with the decrease with long bond rate, a lot of banks are hesitant to drop mortgage rate the same amount of 10 yr treasury yield drop. Once short rate get slashed, banks will pay less to depositors, then they can reduce 30 or 15 yr fixed mortgage rate further more by reducing the risk premium.