Now that the Federal Reserve has officially started to lower interest rates, homeowners can expect mortgage refinance rates to gradually decline. Over the last two years, surging mortgage rates have meant refinancing isn’t an option for most homeowners, as the vast majority currently have mortgage loan rates below 6%.
Now that rates have started to go down, refinancing activity is slowly picking up. The lower mortgage rates fall, the more homeowners will financially benefit from refinancing their home loans.
For a more in-depth look at our weekly mortgage forecast, including what’s next for Fed rate cuts, labor data and inflation, see here.
Today’s average refinance rates
Today’s average mortgage rates on Oct. 03, 2024, compared with one week ago. We use rate data collected by Bankrate as…
