Borrowers are facing a wait until November for significant relief regarding mortgage rates, primarily due to recent Federal Reserve actions. The Fed cut its key interest rate by 50 basis points, a move that is expected to gradually influence mortgage rates. However, current trends show that average mortgage rates are still high, with 30-year fixed mortgage rates averaging around 6.32%​.

This delay in immediate assistance for borrowers is compounded by a "mortgage rate lock-in" effect, where existing homeowners with lower rates are reluctant to sell, which in turn keeps home prices elevated. For many potential homebuyers, affordability is anticipated to improve slightly in October, thanks to the typical seasonal market shifts and expected further rate cuts from the Fed​.

If you're considering buying a home or refinancing, it might be prudent to wait until November when additional cuts could lead to more favorable mortgage rates. However, those in urgent need of refinancing or purchasing may want to act sooner to avoid potential financial strain​.