Thinking about taking out a mortgage loan? Current mortgage rates drop to 5.99% for 30-year terms, while 15-year terms stay at 5.25%. Valerie Morris is a content editor with a focus on personal finance.

Mortgage interest rates could still fall in October, even without a Fed meeting. Here's what could cause that drop.

The current median interest rate is 6.000% for a 30-year fixed-rate mortgage and 5.250% for a 15-year fixed-rate mortgage.

The median interest rate on a 30-year fixed-rate mortgage is 6.00% as of October 1, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.25%, which is also unchanged from yesterday.

Now hovering just over 6%, many prospective buyers may be wondering about the potential for that rate to fall even further (and by how much). While there are ways for buyers to secure a rate below 6% now, it could fall independently this October. But how far, exactly, will mortgage rates fall next month? That's what we'll break down below.

Zinkevych / Refinance rates on 30-year mortgages subtracted another 2 basis points Monday, lowering the national average to 6.27%. That's now the lowest reading for 30-year refi rates in almost two weeks.

Key Takeaways - When Should You Refinance an Adjustable-Rate Mortgage? Adjustable-rate mortgage loans grew more popular in 2022 thanks to a record surge in mortgage rates. Favorable short-term introductory rates can make ARMs an attractive option for some homebuyers.

Mortgage interest rates are on the decline. Is now the time to refinance your mortgage? We asked some experts.