These are today's mortgage and refinance rates. After dropping for several months, mortgage rates are now substantially lower than they were a year ago.

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 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,

Mortgage rates ticked down for the third week in a row, but buyers are taking their time before they jump in. The 30-year fixed-rate mortgage averaged 6.08% as of Sept. 26, according to data released by Freddie Mac on Thursday.