Fed rate cuts. What does this mean?

[Reggie Rearden]

Excuse the ignorance BUT, I've been trying to find out what the 0%-.25% interest rates mean. I keep seeing these numbers being thrown around but have not seen anything giving me examples. Surely mortgage rates, consumer loans, etc will not be this low. I'm assuming its really the interest rates borrowed from bank to bank? Can someone please explain what this means or give me an example? I have 3 closings in the next 3 weeks and wasn't sure how all this will effect them.