(CNN) — The Federal Reserve’s rate cut this week is rippling through the housing market, sending mortgage rates lower and spurring a jump in refinancing.

The 30-year fixed mortgage rate averaged 6.26% for the week ending September 18, down from 6.35% last week, according to data released Thursday by Freddie Mac.

This is the fourth-straight week of declines as mortgage rates fell in anticipation of the Fed’s quarter-point rate cut on Wednesday.

A growing number of homeowners who locked in mortgages at higher rates over the past few years are jumping in to take advantage of savings.

Refinance application volume jumped nearly 60% last week, compared to the week before, according to a separate report from the Mortgage Bankers Association.

Where do mortgage rates go from here?

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