With interest rates dropping, some homeowners may benefit from filing a mortgage refinance application now. jayk7/Getty Images

An interest rate cut issued in September was widely anticipated by a wide range of Americans, but arguably most strongly by current homeowners. This group, specifically those who purchased a home after 2022, has largely suffered under the burden of elevated mortgage interest rates . In many cases, the rate they secured was exponentially higher than what they would have been offered at the beginning of the decade, when mortgage rates were near 2%.

So a rate cut from the Federal Reserve, then, obviously offered some relief. And even though the central bank doesn't directly dictate mortgage rates and even though the cut on September 17 was in a marginal, 2

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