Mortgage interest rates could continue to decline this fall, if certain conditions are met, experts say. saifulasmee chede/Getty Images

Average mortgage interest rates have started their much-awaited descent, recently falling to a new three-year low . They've declined over the past few weeks, which is a positive sign for homebuyers. For the past two to three years, mortgage rates have been elevated. Though it may not be significant, the reprieve could signal what's to come this fall.

The Federal Reserve made its first rate cut of the year in September, reducing the federal funds rate by 25 basis points. Further rate cuts could be on the horizon, as the agency aims to keep the economy in balance with maximum employment and price stability. Given the current economic

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