All this talk about a rate cut. Why doesn't the fed cut fixed rate mortgages?

When is the Fed going to realize that what we really need is a cut in long term interest rates.

A more effective step would be to get 30 Year Fixed to around 5 percent. Doing this would entice home buyers into the marketplace and also would help refinancing for mortgagors get out of adjustable rate mortgages that caused this mess to begin with. Cutting short-term interest rates doesn't help fixed mortgage rates it only directly helps adjustable mortgage resets that are tied to Treasury indexes, not the LIBOR.