Mortgage interest rates could still fall in October, even without a Fed meeting. Here's what could cause that drop.

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Mortgage rates for September 25, 2024, are around 5.80%, according to Zillow data. Rates have inched up this week, but they remain below last month's levels. How much further rates drop depends on whether the labor market remains strong or starts to weaken.

If you ever thought about refinancing your mortgage, your goal is probably to find a lower interest rate and reduce your monthly payments. After all, most homeowners aren't inclined to trade in their current mortgage rate for a more expensive one.

Mortgage rates have dropped by over 1% since May 2024, and even lower rates could come in 2025. See who could get the best deals in the housing market.

Key Takeaways - When Should You Refinance an Adjustable-Rate Mortgage? Adjustable-rate mortgage loans grew more popular in 2022 thanks to a record surge in mortgage rates. Favorable short-term introductory rates can make ARMs an attractive option for some homebuyers.