Mortgage borrowers received long-awaited good news in September when the Federal Reserve cut the federal funds rate for the first time in 2025. Even before the Fed's decision, though, the market reacted to the high likelihood of a rate cut, with average 30-year fixed-rate mortgages dropping to 6.13% before the official rate cut was announced. And, while they've ticked back up again slightly, they're still hovering near their lowest levels since late 2022 .  Right now, the average rate for 30-