Now hovering just over 6%, many prospective buyers may be wondering about the potential for that rate to fall even further (and by how much). While there are ways for buyers to secure a rate below 6% now, it could fall independently this October. But how far, exactly, will mortgage rates fall next month? That's what we'll break down below.

After plunging last week to a 19-month low, but then rising back up, 30-year refi rates have again begun dropping—three days in a row. Most other refi rates have also dipped.

Applications to refinance mortgages surged for a second week as the refinancing index jumped 20.3% last week to the highest since April 2022. The contract rate on a 30-year fixed mortgage eased 2 basis points to 6.

Applications for mortgages jumped to the highest level in over two years, as homeowners jumped on lower mortgage rates.

People who had to obtain mortgages in the past few years while rates were at multi-decade highs have started a mini-refinancing boom as rates have eased. Applications to refinance mortgages were up 20% from the previous week to their highest level since July 2022.

Mortgage bankers have had plenty of time on their hands in recent months. With high home prices and rising mortgage rates, there were fewer buyers and home