In short, it's unlikely that mortgage interest rates will fall much further in September, even if that doesn't mean that you should stop monitoring the market to take advantage of minor drops.

After sinking to 2-year lows Tuesday, both the 30-year and 15-year mortgage rate averages have edged up a bit. Rate movement for most other loan types was also up.

Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. But much more housing demand will likely be unleashed onto the market after the Federal Reserve finally cut interest rates this week for the first time in four years — and signaled more rate cuts by year’s end.