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Mortgage rates do not move in lockstep with the fed overnight rate.

Rates are pretty quick on responding.

Here's where they stand today based on a survey of lenders, down to about 3.13%: http://www.mortgagenewsdaily.com/mortgage_rates/

It looks like the rates actually went slightly up from a few days ago (though these depends on many variables, but I'm comparing to my local rate that I've been checking for weeks). Might change tomorrow based on today's news.

How do you check your local rate?

I use a website from a local private lender. It requires info about the kind of mortgage you want, the value of the property, your credit score, the zip code, etc. If you don't know where to look, you can start with Zillow's tool: https://www.zillow.com/mortgage-rates/