Does lower prime rate effect fixed-rate mortgage...

[Chaia N]

...rates? How will the new lower prime rate effect (new) fixed rate mortgages? Will mortgage rates drop?

[hottotrot1_usa]

If you have not closed(purchased) yet, you might be able to get a lower rate. If you have closed, you are locked. Maybe in the future you could refinance to a lower rate, if they go down significantly.

[Tex S]

No!! Fixed means fixed. Cannot be changed. Get the best possible fixed rate you can and stay with it.