A day after the Federal Reserve’s historic interest rate cut this week, [mortgage rates dropped to 6.09%](https://www.realtor.com/news/real-estate-news/mortgage-rates-dive-to-6-09-percent-housing-market-sense-of-optimism/) for a 30-year fixed loan. That’s a two-year low—and a steep decline from nearly a year ago, when rates reached a [23-year high of 7.79%](https://www.realtor.com/news/trends/mortgage-rates-just-rose-again-and-were-not-over-the-hump-yet/) in October 2023. This rate drop has “dramatically improved buying power across the
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