For the first time in a month mortgage activity rose, while mortgage rates dropped. According to the Mortgage Broker's Association, "Borrowers [are] swapping adjustable-rate mortgages for fixed-rate loans," according to a Reuter's article.

"What we are likely seeing is a last-minute surge in people trying to 'disARM,' that is refinancing out of their ARMs and into a long-term loan program in light of the Fed's decision," said Quicken Loans' chief economist Bob Walters.