Mortgage interest rates are poised to drop again, should certain conditions be met in the upcoming weeks. Getty Images

While a cut to the federal funds rate is more than a month away (if it even happens), homebuyers and owners looking to refinance woke up to welcome news Thursday when mortgage interest rates dropped to their lowest point since October 2024. The average 30-year mortgage loan rate is now 6.58%, according to FreddieMac data. That marked a five basis point decline week-over-week and is now the lowest mortgage rates have been since they were at the 6.54% mark the week of October 24, 2024. That rate was just weeks after the Federal Reserve issued a larger-than-expected 50 basis-point cut to its benchmark interest rate.

Still, 6.58% is far from what borrowers were a

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