As anticipation builds around the Federal Reserve’s upcoming meeting, mortgage rates have taken a notable dip, hitting some of the lowest levels we’ve seen in recent months. 

For September, the average mortgage rate has fallen, providing some relief to borrowers. Whether you’re considering purchasing a new home or refinancing an existing mortgage, this could be an ideal time to lock in a lower rate before the Fed announces any changes to its monetary policy.

Whether the mortgage rates will go up or down depends on numerous factors such as economic factors, the rate of inflation, and various decisions made by the Federal Reserve. Although recent research has shown that rates have dropped, it is not very certain that they will continue to drop in the next one or two years. If inflation rates are stable and the economy slows down, the Federal Reserve may prefer to continue or decrease the interest rates, hence lowering the mortgage rates. However, if inflation proves to rise or the economy becomes robust, which may push up rates of inflation, the Fed may be forced to increase rates thus affecting the mortgage loan rates. Without proper knowledge and consultation with an expert, it is always better for people looking forward to buy a house or those who want to apply for a home refinance, it is better to remain updated with the recent market trends in order to make a wise decision.