The 30-year fixed-rate average ticked up slightly this week to 3.84 percent. But the central bank's concerns about the economy could drive rates lower. Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed lower. Mortgage rates have fared better than the Fed rate. In December 2008, the federal funds rate was reduced to a range of 0% to 0.25%. That remained unchanged until December 2015. The Federal Open Market Committee decided to cut the federal funds rate yet again today, lowering its target range to 1.5% to 1.75%. This marks the third time the Fed has cut rates in as many months.