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

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

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.

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.

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.

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