With so many factors driving mortgage interest rates, it's worth monitoring each day. But the following three dates could be particularly influential:

Last November the 30-year mortgage rate approached 8%, now after the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

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.

The Federal Reserve slashed the federal funds rate last week for the first time in four years, boosting borrower hopes that the cut trickles down into new mortgage and refinance rates. The Fed's action ends 14 months of rate pauses that, along with inflation, unemployment and other factors, have prolonged elevated borrowing costs.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.