In a welcome bit of good news this week, the Fed cut rates, which had a salutory effect on both long-term and short-term mortgage rates. This should translate into good news for second mortgage rates as well. An article by financial writer Amy Hoak that was posted on the MarketWatch website noted these changes, "Long-term mortgage rates fell slightly, but short-term rates dropped more this week, according to Freddie Mac's weekly survey. 'Reports of weaker consumer spending in September and a decline in manufacturing activity in October kept mortgage rates at bay this week,' said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. 'Rates for long-term mortgages were little changed while rates for ARMs fell following the Federal Reserve's interest-rate cut.' The 30-year fixed-rate mortgage averaged 6.24% for the week ending Nov. 8, down from last week's 6.26%, according to the survey. The mortgage rate hasn't been this low since the week ending May 17, when it averaged 6.21%. The 30-year averaged 6.33% a year ago. The 15-year fixed-rate mortgage averaged 5.90%, down from last week's 5.91% average. The mortgage hasn't been this low since the week ending May 10, when it averaged 5.87%. Fifteen-year fixed-rate mortgages averaged 6.04% a year ago. It remains to be seen how much or how little this news will affect second mortgage rates. So before you refinance that second mortgage, check with the lender on your second mortgage loan.