Without going into great detail, (you can do that on your own), the "Fed Rate" is not "the mortgage rate". A Fed Funds rate is a rate that banks charge other banks on short term loans, REALLY SHORT as in an overnight term. The Rate is decided 8 times per year. A mortgage lender rate can change daily and this is what lenders are busy explaining right now. Some speculated that posted lender rates ticked upward last week to actually slow down the barrage of applications. Back to fed rates, banks have to maintain certain levels of reserve based on their deposit levels and so this short term cash swapping goes on between banks and is regulated by the Federal Reserve. So, no, you will not get a zero percent loan at this time. However, rates are still historically low. I imagine no one is interested in stifling economic movement with high rates with all that is going on. From what I have read, the CPI (Consumer Price Index) and job indices are more directly related to how interest rates move. The CPI basically is the percentage of change in costs for consumer goods and services over a time period. It will be interesting to see what the job indices are in the near future. Again, I am not in mortgages, so do not get your education from here, do your due diligence and speak to your mortgage professional, accountant, or banker before deciding on your re-finance or type of mortgage.
I read a few days ago that the search term "should I buy a house" had it's highest frequency ever, actually doubling during March. Even in the midst of this chaotic time and unprecedented set of variables we are facing, there are lots of people at least wanting to buy a home. You cannot read too much into the search frequency, but, it seems like demand is still high.
