In short, it's unlikely that mortgage interest rates will fall much further in September, even if that doesn't mean that you should stop monitoring the market to take advantage of minor drops.

These are today's mortgage and refinance rates. Mortgage rates remain low after the Fed announced it will cut the federal funds rate by half a point.

People who bought homes in the past two years may want to seek a lower interest rate. Here’s how to think it through — and how to shop.