Mortgage rates are at their lowest point in years. Here's when they could fall again.

Mortgage rates could decline further in the weeks ahead if certain economic conditions are met. Getty Images/iStockphoto

Homebuyers stuck on the sidelines may want to re-enter the market as mortgage interest rates are on the decline.

The average mortgage rate on a 30-year mortgage term declined to 6.13% on Wednesday, its lowest level in three years. That came right before the Federal Reserve announced a 25 basis point cut to its benchmark interest rate , bringing it to a range between 4% to 4.25% now. But with multiple influencing factors at play currently, the decline in mortgage rates can easily continue into the fall and perhaps into 2026, too.

Rates here have been declining for much of 2025. They fell for five consecutive weeks over the summer and dropped to 11