let's ringing chief financial analyst greg mcbride. now you gotta do or die? >> if you are looking for a consumer impact with the fed cutting rates, this is it. as you mentor, mortgage rates went about 5% in november now to below 4%. and from the previous segment, the tenure yield going 1.75, you're talking that mortgage rates will make their way closer to the record lot with greenhouse percent. refinancing, you will save 100 -- 150 maybe $200 a month after payment. at any rate, that's a pay raise people did not get earlier this year. >> do you see mortgage rates falling even further. use a do or die now. but there is a chance that the federal reserve does get forced to continue at least one or two more. i don't know if we can put up the future but this morning a september cut was priced in at about 60% chance. now it's something like 17%. which is just before the top of the hour. another rate cut, 70% in september prayed why would i not wait even more? or that playing russian roulet roulette? - it's a little bit over that. i think you can wait but get the pay

not so much, to greg mcbride, bank rate chief financial analyst. greg, that is one anomaly that is kind of weird, i wonder what you make of it? >> in terms of the housing market, that we have stronger economy each and every year, unemployment is coming down. people are making more money, yet we're selling fewer houses t doesn't add up. lower mortgage rates will help that, but really only kick the housing market from first gear to second gear. not enough to blow anybody's hair back. neil: play this out for me, record low interest rates or certainly generational low interest rates aren't doing it what will? we talked about anecdotal evidence, homes staying for sale with signs out longer than they used to. i'm not comparing it to meltdown 10 years ago. elizabeth warren says she sees that happening all over. can you? >> no. what is hurting the housing market right now, affordability, limited inventory, particularly for entry level buyers and middle income buyers. there are a short of homes in that price range. those that come on the market they tend to

greg mcbride, keith fitz-gerald, what do you think of that? one full percentage point, what do you think? >> that's a lot of money, neil. you know, in a big move in a short period of time is one thing markets cannot handle. they may want to, but cannot handle it. it would force automated programs currently haywire to go off the mark. i'm leery about that. neil: what do you think about that, greg? he will rethink the payroll tax. the economy is strong, doesn't really need it. i don't know how much truth there was to the notion he was considering it. if the economy is strong it doesn't need a tax cut, then it certainly doesn't need an interest rate cut, doesn't it? >> that is exactly right, neil. especially of that magnitude. the fed even had a difficult time justifying a quarter point rate cut in july. that will not be the last one we see. i, would not wish for anything drastic, simply because i think unintended consequences are far more significant than any possible good that could come from it. neil: you follow this stuff far better than i. w