The mortgage rate forecast this October may be an encouraging one for some homebuyers. alexsl/Getty Images

Mortgage interest rates plunged to a three-year low last month, right before the Federal Reserve's long-awaited rate cut. In recent weeks, however, they have begun to tick up slightly, coming in at 6.34% for a 30-year fixed-rate mortgage as of October 2nd, according to FreddieMac . Despite that, mortgage interest rates are still comfortably below the 7%-plus range they were found at earlier in the year.

Now that we're in October, many prospective homebuyers may be wondering whether the month will bring another mortgage interest rate drop or increase. The Federal Reserve is meeting again later this month, and further rate cuts are widely expected, based on data from the CME

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