Expectations of a rate cut from the Federal Reserve this afternoon has pulled the 30-year fixed rate mortgage down to it’s lowest level since September 2022, according to a report from the Mortgage Bankers Association.

Autumn is traditionally a slower time for the housing market, when prices ease and listings tend to linger, according to Danielle Hale, chief economist for Realtor.com. With mortgage rates already so much lower than they were a few months ago, some house hunters may decide that now is a good time to find a deal before the market gets more crowded.

US mortgage rates declined last week to the lowest level since September 2022 in anticipation of Federal Reserve interest-rate cuts, stoking an influx of applications for home purchases and refinancing.