Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. But much more housing demand will likely be unleashed onto the market after the Federal Reserve finally cut interest rates this week for the first time in four years — and signaled more rate cuts by year’s end.

These are today's mortgage and refinance rates. Mortgage rates dropped a lot ahead of September's Fed cut. But it's unclear how much further they'll fall.

The recent drop in mortgage rates hasn’t sparked the homebuying surge many industry experts anticipated. Instead, potential buyers are holding firm, contributing to what some analysts are calling a “buyer strike” in the housing market.