OMAHA, N.E.(KELO)- The Federal Reserve Board’s quarter-percent rate cut is expected to strengthen the economy.

The cut affects short-term bank rates, but so far has had little impact on longer-term rates.

Creighton University Economist Ernie Goss says that’s what’s really needed to get the economy going again.

Mortgage rates moved back up to seven percent this week…the highest they’ve been since the summer months.