[stylin19a]

Legit Mortgage rates aren't tied to the Fed rate.
Most longer term fixed rates are tied to 30-year treasury bills\bonds. ARMS generally are tied to a 1 year treasury bill.
There are a few of both that are tied to other indexes.

Of course, there's the sub-prime predators that tie their rates to the "magic 8 ball" or the dart board.

[RegulatorCountry]

"Legit Mortgage rates aren't tied to the Fed rate."

You're right, they're not "tied to" the Fed rate. 10 year treasuries have served as more of a benchmark. Increasingly, the newly reintroduced 30 year will begin to serve that purpose. However, the Fed rate does have an impact on treasury yields, and therefore mortgage rates, indirect though it may be. The big factor, and one that is largely outside of our control, is the fact tha yields are being depressed by heavy buying from China, Japan, etcetera ... dollars coming home to roost, so to speak. So long as this continues, long rates will continue to be lower than some might prefer.