These are today's mortgage and refinance rates. Mortgage rates have been holding steady. Whether they drop further this year depends on the economy.

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.

The current median interest rate is 6.000% for a 30-year fixed-rate mortgage and 5.250% for a 15-year fixed-rate mortgage.

The median interest rate on a 30-year fixed-rate mortgage is 5.990% as of September 25, which is 0.010 percentage points lower than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.125%, which is unchanged from yesterday.

Buy mortgage points: Mortgage points are fees paid upfront to reduce your mortgage rate, with each point typically costing 1% of the loan amount. While this involves a higher initial outlay, it can result in significant long-term savings if you plan to stay in your home for several years.

The millions of American renters longing to buy a home are doing the math again after the Fed’s rate cut. It still doesn’t add up. Though average rates on a 30-year mortgage dropped to just over 6% this week,

Are you tempted to sign a mortgage given where rates are at today? Read on to see why waiting could benefit you even more.

Because rates are still mostly at 6% or higher, home sales have been stalled. But there was evidence from the Mortgage Bankers Association of America this week that a little movem