While the Freddie Mac survey found the 30-year fixed fell 11 basis points, other indicators, including the 10-year Treasury yield, have all increased.

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.

These are today's mortgage and refinance rates. Mortgage rates dropped a lot ahead of September's Fed cut. But it's unclear how much further they'll fall.

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.

This week, the Federal Reserve cut its influential federal fund rates by 50 basis points. That could shake up the dynamic of the housing market, though perhaps not immediately.

For the first time in four years the Federal Reserve cut interest rates. It's a big deal but why? Finance professor Dan Roccato explains.