Mortgage rates have fallen to their lowest level in 11 months. Already, some homeowners are refinancing. Others are waiting in hopes that rates will drop more.

The average rate on the 30-year fixed-rate mortgage fell 16 basis points to 6.46% in the week ending Sept. 11, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point. It was the lowest average rate since mid-October 2024.

More people are refinancing

Almost half of mortgage applications last week were for refinances , according to the Mortgage Bankers Association. That's a modest increase from a week before, and 34% more than a year ago.

And according to mortgage market platform Optimal Blue, there was a surge in refinances in August, when rates were higher than they are no

See Full Page