Will the Fed cut the rate again in October?

The big question for many is - will the Federal Reserve cut rates on Halloween?  Based on the huge amount of recent write offs from some major players in the mortgage world - I think it will happen.  The folks at Wall Street believe that we could see a 1/4% reduction on Wednesday.  There are also predictions that a rate cut could have a negative impact on crude oil prices. 

On a less serious note, some people are searching for Vegas Odds for a fed rate cut.  Seems my earlier post came in pretty high in the search engines...  I was right about a cut but wrong on the amount.  They say you can be on anything in Vegas - I just can't find the odds online. 

I have a history of picking the underdog.  Mac instead of PC (Mac was and still is better) , Beta instead of VHS (beta was really better but still lost the war), Kiwis over the Swiss in Americas Cup (Swiss dominated).  The list could go on and on but I digress. 

Now for the important part - how will a fed rate cut affect the Outer Banks Real Estate Market Conditions?  Typically a reduction in the fed rate will trigger a small jump in 1st mortgage rates but the markets are not really following standard procedures lately.  My guess is that we will not see a big jump in mortgage rates.  The good news for those that have Home Equity Lines of credit - a rate cut will slightly lower monthly payments.  Even though it is a small break - any break is good in the off season on the Outer Banks.