The Federal Reserve's 50-basis-point rate cut from September 18 has started to push mortgage interest rates down, bringing a glimmer of hope to potential buyers. With two more Fed meetings scheduled before the end of 2024, we could see rates continue to fall.

Today’s interest rate for a 15-year fixed-rate mortgage is 5.125%, which is unchanged from Friday. The monthly payment for a $250,000 mortgage with a 15-year term and a fixed interest rate of 5.5% would be $2,042.71. The payment for the same loan with a 6% interest rate would be $2,109.64.

Any further decline in mortgage rates will be minimal,” said Lawrence Yun, chief economist at the National Association of Realtors.

Global economic uncertainty can also impact mortgage rates. For example, geopolitical tensions, trade disputes or economic instability in major regions can lead to a "flight to safety," where investors flock to U.S. bonds, causing Treasury yields — and, subsequently, mortgage rates — to fall.

These are today's mortgage and refinance rates. Mortgage rates dropped this month and remain substantially lower than they've been for most of 2024.

Learn more about the top mortgage rates you could qualify for here. What's the mortgage interest rate forecast for October 2024? Mortgage rates tend to move in anticipation of pot

These are today's mortgage and refinance rates. Mortgage rates are up a bit thanks to positive economic data, but they remain below last month's levels.