Mortgage rates for September 28, 2024, remain near 5.80%, according to Zillow data. Rates have been flat this week after dropping earlier this month. Even though the Fed plans to continue cutting rates,

The millions of American renters longing to buy a home are doing the math again after the Fed’s rate cut. It still doesn’t add up. Though average rates on a 30-year mortgage dropped to just over 6% this week,

Now hovering just over 6%, many prospective buyers may be wondering about the potential for that rate to fall even further (and by how much). While there are ways for buyers to secure a rate below 6% now, it could fall independently this October. But how far, exactly, will mortgage rates fall next month? That's what we'll break down below.

The median interest rate on a 30-year fixed-rate mortgage is 5.990% as of September 25, which is 0.010 percentage points lower than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.125%, which is unchanged from yesterday.

The current median interest rate is 6.000% for a 30-year fixed-rate mortgage and 5.250% for a 15-year fixed-rate mortgage.

Buy mortgage points: Mortgage points are fees paid upfront to reduce your mortgage rate, with each point typically costing 1% of the loan amount. While this involves a higher initial outlay, it can result in significant long-term savings if you plan to stay in your home for several years.

The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don’t follow the Fed exactly, they are influenced by policy. It is likely they will move on Fed Chairman Jerome Powell’s remarks following the decision.

Are you tempted to sign a mortgage given where rates are at today? Read on to see why waiting could benefit you even more.

Because rates are still mostly at 6% or higher, home sales have been stalled. But there was evidence from the Mortgage Bankers Association of America this week that a little movem