These are today's mortgage and refinance rates. Mortgage rates dropped a lot ahead of September's Fed cut. But it's unclear how much further they'll fall.

Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. But much more housing demand will likely be unleashed onto the market after the Federal Reserve finally cut interest rates this week for the first time in four years — and signaled more rate cuts by year’s end.

The Fed is set to issue its first rate cut since 2020 this week. Here's how far mortgage interest rates could then drop.