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.

These are today's mortgage and refinance rates. Mortgage rates have increased in recent days in response to September's blockbuster jobs report.

As of October 7, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.49%, which is 0.36 percentage

The rate ticked up from 6.08% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.49%. Last week, the average rate slipped to its lowest level in two years, boosting home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.