These are today's mortgage and refinance rates. Mortgage rates dropped a lot ahead of September's Fed cut. But it's unclear how much further they'll fall.

Lower borrowing costs will benefit the entire housing market, not just those applying for a mortgage right now.

Mortgages interest rates have fallen into the low 6% range this summer, and some experts say more declines probably are around the corner.

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.

The average rate on a 30-year mortgage in the U.S. fell to its lowest level in 19 months last week, driven by a decline in Treasury yields ahead of an anticipated interest rate cut from the Federal Reserve.