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I have been asked the same question over and over so today seems like a good day to set the record straight.

The Fed cut the rate by 3/4s today; what do that mean for mortgage rates?

Actually, not much.  Mortgage rates are based on long term debt and the Fed rate deals with short term rates.  So in essence, they are not connected at all.  The Fed cuts effect Prime; this directly deals with HELOCs (Home Equity Lines of Credit).  They are generally Prime plus or minus a point etc.  So every time the Fed moves the rate up or down, Prime is soon to follow.

Rates went down in both markets today in response to the bleak outlook of the economy. 

Stocks fell, the Fed dropped it's rate and Mortgages are very attractive.  The exact opposite could happen tomorrow (although not expected)

I hope this helps!