Recent trends show a significant drop in mortgage rates, with the US 30-year fixed-rate mortgage falling to 6.15%, the lowest level in over 18 months. As rates continue to decline, many prospective homebuyers are considering entering the market, while current homeowners are looking at refinancing options. Experts predict that the Federal Reserve's anticipated rate cuts could further influence mortgage rates, potentially making borrowing even more accessible. However, economists warn that despite lower rates, the housing market may not experience a surge in activity due to other underlying factors. With a recent spike of 14% in mortgage applications, it appears that buyers are keen to take advantage of this favorable environment, although challenges remain for many potential buyers, including affordability and the broader housing wealth gap.