Wednesday's Federal Reserve decision , along with expectations that the Fed could cut interest rates again before the end of the year, may put more downward pressure on mortgage rates — finally providing a little relief for would-be homebuyers.

A 30-year, fixed-rate mortgage fell to 6.3% for the week ended Oct. 24, according to the Mortgage Bankers Association .

Although mortgage rates are now at their lowest level since September 2024, the average rate for a 30-year, fixed-rate mortgage is still significantly higher compared to the under-3% levels near the start of the pandemic.

Those relatively high mortgage rates, along with high home prices and uncertainty about the economy, have kept many would-be buyers on the sidelines.

But adjustable-rate mortgages, or ARMs, offer even

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