The stock routing that we have experienced recently does have a silver lining for many Americans who are becoming first time homebuyers or for those households with existing higher interest rate mortgages, including ARM’s which may be lower interest today however will continue to inch upward.
The Federal Reserve recently cut its benchmark rate to a range between 1% and 1.25%.  If the 10-year-Treasury yield declines further, mortgage interest rates could drop lower.
For new homeowners, this is a gift, which is most welcome due to the ongoing appreciation of the current active home inventory and the inability to save money as fast as the target price range keeps moving upward.  As for existing mortgages, refinancing depends upon a few factors:  What your home is worth.  How long you plan to remain in your home.  What the cost to refinance will be.  The rule of thumb is that if one can lower the interest rate by 1%, it most likely is worthwhile.
Homeowners with adjustable-rate-mortgages need to consider how often their rate adjusts.  The tempting “dangling carrot” could be that the lower, locked-in rate will be a stabilizer and less worrisome to the mortgagee, with a clear path to a mortgage payoff in the future.
After texting my personal mortgage lender today, I can’t imagine rates getting any better!  2.75% on a 15-year fixed rate mortgage and 3.125% on a 30-year-fixed rate mortgage.

Homebuyers, you’ve just been given an opportunity to pay less, or keep the same payment, while accelerating the equity in your home and on a major path to building your personal wealth.   I wish you good luck!