Today’s interest rate for a 15-year fixed-rate mortgage is 5.38%, which is 0.13 percentage points higher than yesterday. The monthly payment for a $250,000 mortgage with a 15-year term and a fixed interest rate of 4.75% would be $1,944.48. The payment for the same loan with a 5.75% interest rate would be $2,076.03.

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.

After several weeks of declining mortgage rates, the cost of financing a home moved up slightly this week. Freddie Mac’s Primary Mortgage Market Survey sho