These are today's mortgage and refinance rates. After dropping for several months, mortgage rates are now substantially lower than they were a year ago.

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 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,

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.

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.

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.68%, according to Curinos. On a 15-year fixed mortgage, the average rate is 5.71%, and the average rate on a 30-year jumbo mortgage is 6.

These are today's mortgage and refinance rates. Mortgage rates are low after dropping for several months. But it could be a while before they drop again.