The Federal Reserve recently lowered its interest rate to a range of 1% to 1.25% due to the risks the COVID-19 coronavirus outbreak poses to the economy – but this does not apply to mortgage rates.

The Federal Reserve frequently adjusts the short-term interest rate it charges to banks and other financial institutions.  Mortgage rates are based the long-term bond market, which include Municipal bonds, Corporate bonds, and U.S. Treasury bills,  not the interest rate offered to financial institutions.

Mortgage rates have recently dropped to 3.26% (30 year fixed mortgage) as a result of investors pulling out of volatile markets and embracing the safety of bond markets.
Lower mortgage rates have already caused increased refinance activity and demand among home buyers continues to remain high, in spite of the short supply of homes for sale.

Be aware that a home equity line of credit has nothing to do with mortgage rates. These are adjustable-rate loans based on the prime rate.  However, you may see a drop in these interest rates, since the prime rate does closely follow the Federal Reserve rate.