Now hovering just over 6%, many prospective buyers may be wondering about the potential for that rate to fall even further (and by how much). While there are ways for buyers to secure a rate below 6% now, it could fall independently this October. But how far, exactly, will mortgage rates fall next month? That's what we'll break down below.

Last November, the 30-year mortgage rate approached 8%. After the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.

Buy mortgage points: Mortgage points are fees paid upfront to reduce your mortgage rate, with each point typically costing 1% of the loan amount. While this involves a higher initial outlay, it can result in significant long-term savings if you plan to stay in your home for several years.