The Federal Reserve cut its benchmark rate for the first time in nine months on Wednesday, lowering it by a quarter point, as most experts expected.

While this is the news that U.S. homebuyers bogged down by high borrowing costs were hoping for, it might not translate into immediate relief, analysts told Newsweek , as mortgage rates have already fallen in anticipation of the central bank's decision.

"The bond market has already baked this cut into today's yields," Melissa Cohn, the regional vice president of William Raveis Mortgage and a 43-year mortgage industry veteran, told Newsweek . "Now we go back to data watching for the direction of mortgage rates for the rest of the month."

How Will Mortgage Rates React to the Fed's Decision?

Mortgage rates are not directly tied to the f

See Full Page