As part of our Price of Paradise series, we are taking a closer look at the Federal Reserve's recent decision to cut interest rates and what it really means for homeowners.

On Wednesday, the Federal Reserve announced a widely anticipated quarter percent cut to its benchmark interest rate. While many borrowers hoped this would translate into lower mortgage rates, mortgage rates actually ticked up a bit following the announcement.

Rob Pinion with Guild Mortgage explains that the Feds decision does not directly affect mortgage rates. It is a range of factors that determine them.

Despite the recent uptick, Pinion emphasized that current mortgage rates are still relatively low compared to what weve seen over the past few years.

Just last week, the average 30-year fixed mortgage rate was aro

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