There are significant pros and cons to locking in a mortgage rate before the Fed's October meeting. Getty Images/iStockphoto

There's been some surprisingly good news in the mortgage rate climate this year .

Not only are mortgage rates significantly lower than the approximate 7% they were hovering near in January, but they're potentially positioned to fall even further in the weeks ahead. A Federal Reserve rate cut in September caused mortgage rates to temporarily drop a three-year low in the month. But with additional cuts largely expected for the Fed's next meetings in October and December, rates here could soon fall again.

But "could" doesn't mean definitely. And, if there's one thing homebuyers and homeowners looking to refinance can agree upon after the last few ye

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