These are today's mortgage and refinance rates. After dropping for several months, mortgage rates are now substantially lower than they were a year ago.

Now hovering just over 6%, many prospective buyers may be wondering about the potential for that rate to fall even further (and by how much). While there are ways for buyers to secure a rate below 6% now, it could fall independently this October. But how far, exactly, will mortgage rates fall next month? That's what we'll break down below.

The median interest rate on a 30-year fixed-rate mortgage is 5.990% as of September 25, which is 0.010 percentage points lower than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.125%, which is unchanged from yesterday.

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.68%, according to Curinos. On a 15-year fixed mortgage, the average rate is 5.71%, and the average rate on a 30-year jumbo mortgage is 6.

Buy mortgage points: Mortgage points are fees paid upfront to reduce your mortgage rate, with each point typically costing 1% of the loan amount. While this involves a higher initial outlay, it can result in significant long-term savings if you plan to stay in your home for several years.

These are today's mortgage and refinance rates. Mortgage rates are low after dropping for several months. But it could be a while before they drop again.