Refinancing your mortgage loan could be a smart move this fall, experts say, but only in certain situations. Getty Images

The housing market has been tough on buyers over the past few years. Soaring home prices, bidding wars and mortgage rates that climbed from historic lows near 3% to above 7% priced out millions of potential homeowners. Many who did manage to buy during the rate surge now carry mortgages with payments that strain their budgets.

Conditions are shifting in favor of borrowers, however. Mortgage rates have declined recently , dropping to around 6.5% for 30-year fixed loans — the lowest levels since last October. Plus, the Federal Reserve's anticipated rate cuts this fall could push rates even lower. This, in turn, could create the first real mortgage loan

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