Metros in Virginia, Colorado and North Carolina with younger, more mobile populations stand to benefit the most as mortgage rates drift into the low 6% range, according to a new report from Realtor.com.

The Federal Reserve announced the first interest rate cut of the year last week with policymakers lowering its benchmark interest rate by 25 basis points. Mortgage rates don’t always fall in lockstep with Fed moves, but cuts often create downward pressure on borrowing costs. Last week, the 30-year fixed-rate mortgage dropped to 6.26%, down from the prior week's average of 6.35%.

Currently, more than 80% of existing mortgages have a rate of 6% or lower, so as mortgage rates approach the 6% level, Realtor.com economists project there will be more movement in the market, especially in a

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