The Fed today cut the interest rates by 0.75 percent. Immediately major corporations lowered their prime rates. However, why mortgage rates aren't falling 0.750% along with the Fed interest rate cut today?

Effective today, Wachovia Corporation (NYSE:WB) lowered its prime interest rate to 6.50 percent from 7.25 percent at Wachovia Bank, National Association and all of its other banking subsidiaries.

Bank of America, N.A., LaSalle Bank N.A. and LaSalle Bank Midwest N.A., announced today that they are lowering their prime-lending rates to 6.50 percent from 7.25 percent, effective January 22, 2008.