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.

The Fed is set to issue its first rate cut since 2020 this week. Here's how far mortgage interest rates could then drop.

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.