The Federal Reserve slashed the federal funds rate last week for the first time in four years, boosting borrower hopes that the cut trickles down into new mortgage and refinance rates. The Fed's action ends 14 months of rate pauses that, along with inflation, unemployment and other factors, have prolonged elevated borrowing costs.

The United States Federal Reserve's recent rate cut could bring changes to the housing market, impacting both buyers and sellers.

Mortgage rates are in the 6.00% range now, but could that change? Here's what could happen in October, experts say.

The FOMC slashed the federal funds rate (the overnight interest rate) by 50 basis points to 4.88% (the rate changes depending on circumstance but will hover between 4.75% and 5%), which was double the 25-basis-point adjustment it normally uses.

These are today's mortgage and refinance rates. Adjustable mortgage rates have been relatively high, so you may prefer a fixed rate. Lock in your rate today. Plus, it's clear now the city of Green Bay has made a deal with the devil when it comes to QBs.

While its peers have already started cutting interest rates from cycle highs, the Reserve Bank of Australia noticeably stands out as the central bank at the back of the pack. Having raised rates to a level lower than its peers,