Mortgage rates have declined in recent months, and with the potential for a Federal Reserve rate cut this fall, it's smart for homeowners with high interest rates to start preparing for the opportunity to refinance , experts say.

Last week, mortgage rates slightly edged higher . According to the Mortgage Bankers Association, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased to 6.68% from 6.67% for the week ending Aug. 15.

But generally, rates have been edging down, reaching a 10-month low earlier in August.

Lower mortgage rates often result in lower borrowing costs for home loans. Many homeowners have already jumped on the opportunity in recent weeks.

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