Usually when markets are screwed mortgage rates go down. The markets are SOO screwed that everyone is trying to refinance, it actually caused mortgage rates to go up by about a half a percent since Monday. This is all so bizarre.
Feds are likely going to cut rates down to zero, so I'd expect them to drop again next week
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Sorry if you know this already, but fed rates are not directly related to mortgage rates. There have been cases recently where FED rates went down and mortgage rates did nothing.
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I do agree tho that usually a fed drop means mortgage drop since the same bad thing driving feds to cut rates is likely also pressuring markets.
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