Mortgage rates have shown significant fluctuation recently. After experiencing a jump of 20 basis points following a Fed cut, rates actually fell for the fourth consecutive week, reaching their lowest levels in over a year at 6.17%. This decline has spurred a notable increase in refinancing activity, with applications rising 111% annually. Despite these drops, there are concerns that rates could rise again due to comments from Fed Chair Powell regarding future cuts. The mixed signals in the market prompt many homeowners to consider refinancing or purchasing new mortgages amidst varying predictions about the future of interest rates.