by Marcus Thomas 
Mortgage interest rates aren’t perfect right now but they’re certainly becoming a lot more favorable for borrowers. After surging to their highest level in more than 20 years in 2023, mortgage rates have since dropped by more than a full percentage point on average. In mid-September, they fell to their lowest level in more than two years. And that’s before presumed additional rate cuts to come courtesy of the Federal Reserve in November and December.
But there is no Federal Reserve meeting scheduled for October, so borrowers hoping for some relief via that channel will need to look elsewhere. That doesn’t mean that mortgage interest rates can’t still fall in the month, though. It may just be as a result of activity unrelated to the Fed.
So what could make mortgage interest rates fall further in October? Below, I will detail three things all buyers should watch for:
Unemployment Numbers
Unemployment statistics for September will be released by the Bureau of Labor Statistics on Friday, October 4. A rise in the unemployment rate for that period or any revisions that show a wider, growing issue with employment could be an indicator that further Fed action is required to help the economy. Understanding this dynamic, then, lenders may preemptively begin lowering their mortgage rate offers in response. It may not be a substantial reduction — and it may be temporary — but it could mean a lower rate than today’s average of 6.21%.
Cooling Inflation
A continually cooling inflation rate will give the Fed the confidence it requires to issue additional rate cuts. When the next inflation report is released on October 10, then, mortgage rates could fall again if the latest inflation numbers show additional progress toward getting the rate down to the Fed’s target 2% goal. Remember that mortgage interest rates change daily, so while they may appear unchanged when the report’s released, they could be markedly different the next day and in the days after.
Broader Market Uncertainty
While not clearly defined and without a specific correlation to mortgage rates, broader market uncertainty could also contribute to a moderate drop in mortgage interest rates in October. With geopolitical concerns elevated right now and a looming presidential election in the U.S. barely a month away, lenders may started adjusting their mortgage rate offers to better prepare for any volatility in the final months of the year.
Similarly, any public comments from Fed officials about the future of rate cuts could cause lenders to reconsider their current mortgage rates and adjust them downward again. And, as has been seen in recent years with the pandemic, unforeseen events could cause dramatic changes to the lending environment as well.
The Bottom Line
Predicting the future of mortgage rates is an inexact science heavily reliant upon speculation. But with new data tied to unemployment and inflation set to be released in October, as well as some broader economic trends tied to both geopolitical and domestic concerns, there’s enough action taking place in the month that could encourage lenders to lower mortgage interest rate offers yet again. But you’ll need to monitor the rate climate closely to take advantage and start taking certain steps now, like improving your credit score, so you’re truly prepared to act when the opportunity presents itself.
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Location: Carowinds, 300 Carowinds Blvd, Charlotte, NC 28273
Dates: Select nights from September 13 to October 31, 2024
Tickets: Starting at $45
Carowinds transforms into “Scarowinds,” a scream-inducing experience featuring haunted mazes, scare zones, and terrifying live shows. Be prepared for an intense experience, as monsters lurk in every corner after dark. This event is not recommended for children under 13 due to its frightening nature.
Location: Uptown Charlotte
Dates: Throughout October
Tickets: Starting at $20 per person
Explore Charlotte’s haunted history with a guided ghost tour through Uptown. This walking tour delves into the Queen City’s eerie past, visiting haunted landmarks and sharing stories of local legends. From spooky cemeteries to haunted hotels, this tour offers a chilling yet educational experience for history buffs and paranormal enthusiasts alike. Make sure to wear comfortable walking shoes and dress for the weather!
Location: Aw Shucks Farm, 3718 Plyler Mill Rd, Monroe, NC 28112
Dates: Fridays and Saturdays from September 29 to October 28, 2024
Tickets: $15 per person
If you’re craving a spooky outdoor experience, you don’t want to miss “North Carolina’s scariest haunted event” at Aw Shucks Farm. Set among eerie woods and cornfields, this terrifying trail offers a unique mix of jump scares, creepy characters, and a haunting atmosphere. With interactive elements, it’s perfect for those who enjoy horror without the need for a traditional haunted house.
Location: 11th Street & North Tryon, Uptown Charlotte
Date: October 26, 2024
Admission: Free
The Monster Walk is a fun kid- and pet-friendly Halloween meetup. Show up in your costume, at 11th Street and North Tryon Street. The group will walk together to Luminous Lane, the alley off of 100 E 4th Street, which is decorated with murals.
