The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.

Instead, factors like local credit conditions and lender supply can affect mortgage rates, causing some high-cost real estate markets to have low interest rates. Look no further than New York State to see this dynamic in play. In August, New York ranked ...

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.

Mortgage refi rates for 30-year loans dropped to their lowest level since early 2023. Refi rates have been declining steadily for the past few weeks.