Fed cuts rates to near zero... What will that mean?

[Brett Lee]

Last week I shopped refi rates on non owner occupied investment mortgage. After some searching I was able to get rate of 3.625%. However I did not lock it and rates have since increased.

Today I see fed will cut rates to near zero. Will that directly affect refi rates? I'm guessing yes... But hoping to hear to see what you all think. Also, If you get a great rate on refinances the next couple days please let me know what you get. Thanks!!👍👍