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Mortgage rates largely unaffected by Fed's cut; The cost of a mortgage, which is affected more by bond prices than the federal funds rate, increased slightly on Tuesday.(BUSINESS)

Byline: JIM BUCHTA; STAFF WRITER

Another Fed rate cut -- the sixth since September -- is good news for businesses and borrowers who are looking for a break on their home equity loans and credit cards, but it's unlikely to do much to boost the sagging housing market by making mortgages more affordable.

After Tuesday's Fed announcement, mortgage interest rates did what they rarely do: They rose slightly, to 5.75 percent for a 30-year fixed-rate mortgage, up from 5.5 percent.

That's still near historic lows. But there is some upward pressure on long-term rates in the coming months depending on what happens elsewhere in the economy.

"The Fed can't wave a magic ...

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