The average rate on the 30-year fixed mortgage notched its biggest one-day drop in more than a year on Friday.

Although mortgage rates are now at their lowest level since October, the average rate for a 30-year, fixed-rate mortgage is still just around 6.29%, according to Mortgage News Daily — a big leap from the under 3% levels near the start of the pandemic.

But there are ways to get even better terms on a home loan, experts say.

Where mortgage rates stand

More signs point to an interest rate cut when the Federal Reserve meets on Sept. 17, which may offer a little more relief for would-be homebuyers.

Even though 15- and 30-year mortgage rates are fixed, cuts in the Fed's target interest rate could provide some downward pressure, according to Lawrence Yun, chief economist at

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