FREDERIC J. BROWN/AFP via Getty Images

A window has just opened for recent homebuyers.

Mortgage rates have fallen to the lowest level in a year, below 6.2% , and could drift even lower if the Federal Reserve continues to trim its benchmark interest rates.

Stream Philadelphia News for free, 24/7, wherever you are with NBC10. WATCH HERE

Residential mortgage rates are not set directly by the Fed, but they closely track the 10-year note yield, which has been falling lately for a variety of reasons, including the expectation of further rate cuts.

“It is very possible that you could see a 30-year mortgage rate with a five number in front of it in the next few months with the Fed’s additional planned rate cuts,” Doug Flynn, a New York-based certified financial planner with Flynn Zito Ca

See Full Page