(CNN) An emergency rate cut from the Federal Reserve, the 10-year Treasury bond yield at historic lows -- if you've been waiting to refinance or buy a home, it appears your time has come.

The half a percentage point cut by the Fed on Tuesday brings the benchmark interest rate range down to 1% to 1.25%. That cut, along with a rock-bottom 10-year Treasury yield, means mortgage rates are poised to head even lower.

Mortgage rates have already been hovering near historic lows. Last week, rates fell to an average of 3.45% for a 30-year fixed rate mortgage and 2.95% for a 15-year fixed rate mortgage, according to Freddie Mac.

"It's definitely a good time for someone looking to buy a home to get financing," said Mark Hamrick, senior economic analyst for Bankrate. "Home prices have risen, and it is rough for those looking for a bargain, but the financing has gotten better."

And there is an opportunity for rates to go lower still, he said.

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