An Adjustable Rate Mortgage (ARM) could be worth exploring in today's interest rate climate. Abu Hanifah/Getty Images

Mortgage interest rates just fell to an 11-month low last week and they are likely to continue to fall in the weeks ahead.

With a Federal Reserve rate cut all but a certainty now (the dispute lies over how much the central bank will cut, not if), homebuyers who have been sitting on the sidelines may want to prepare to re-enter the market. But with the average mortgage interest rate at 6.50% for 30-year terms, rates are far from where they were a few years ago, when many buyers locked in rates in the 3% range (or lower). And a cut when the Fed finishes its next meeting on September 17 will likely have a minimal impact on rates, even if it will help push them do

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