Lawrence Yun Mortgage Quotations

Home-buying is not a snap decision -- people mentally prepare for it and search for homes, and this is a three-to-four-month process. Plus, even with the rise in mortgage rates, they're still below last year's figure and still close to 45-year lows.

The market clearly has some legs left. Buyers who were sitting on the fence, hoping mortgage rates would decline, have decided to make the move now.

A cut...won't affect the 30-year fixed mortgage rate at all. According to Freddie Mac, the 30-year fixed rate was 6.8 percent last week, and we think it'll stay about the same. But another interest rate cut could mean a slight drop in the short-term one-year adjustable rate mortgage (ARM).

The larger declines were recorded in the high-priced markets that are more sensitive to mortgage rate changes.