These are today's mortgage and refinance rates. Mortgage rates are down ahead of an expected Fed cut, but they might not drop much further this week.

The Federal Reserve Board is meeting this month to discuss a small interest rate cut, which seems likely, given that the Board chair, Jerome Powell, said in an August meeting, "The time has come

The median interest rate on a 30-year fixed-rate mortgage is 5.990% as of September 13, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.000%, which is 0.250 percentage points lower than yesterday.

The rate on a 30-year fixed refinance declined today. The average rate for refinancing a 30-year fixed mortgage is currently 6.80%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 5.

Mortgage rates fell to the lowest level in 19 months, as the market expects the Federal Reserve to cut rates next week. Should home buyers and homeowners act now and lock in a rate? Should they refinance? Or should they wait for the Federal Reserve to officially announce a rate cut? Experts are divided.

If you're planning to buy a home soon, it can help to know what your monthly costs could be after rates are cut.

Mortgage rates keep sinking—with the 30-year and 15-year averages falling to their cheapest levels since February 2023. Rates inched lower for many other loan types as well.

Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

A Federal Reserve interest rate cut, expected next week, is one of many influences on mortgage rates, along with inflation, job growth and a shrinking or thriving economy.

If you plan to buy a home soon, you may want to compare how the upcoming rate cuts could impact your monthly costs.