Could mortgage interest rates fall before the Fed's October meeting? Here's what to consider.

Mortgage interest rates could tumble downward again soon, even before the Fed's October meeting. Andrii Yalanskyi/Getty Images

For homebuyers and current owners looking to refinance , October 29 can't come fast enough.

That's when the Federal Reserve is set to conclude its next two-day meeting and, with it, issue another widely anticipated cut to the federal funds rate. Currently at a range between 4.00% to 4.25%, a cut at the end of the month would bring that range down another 25 basis points. And it's looking more and more like a certainty, with the CME Group's FedWatch tool listing a cut of that size then at a 99% likelihood, as of October 17.

While the Fed's actions don't directly dictate the mortgage purchase and refinance rates lenders offer, they do go a long way tow