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.

Last November, the 30-year mortgage rate approached 8%. After the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

China's central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans before Oct. 31, as part of sweeping policies to support the country's beleaguered property market as the economy slows.

Six of China's biggest banks said they would tweak interest rates on mortgages for existing home loans following a request to lower them from Beijing's central bank, state media said Monday, as the country seeks to pull itself out of a housing slump.

The move is the latest in a weeklong burst of easing measures aimed at stimulating China’s moribund property market.

The People's Bank of China (PBOC) told commercial banks on Sunday to start lowering interest rates on all existing housing loans, in a sweeping move to help lighten the mortgage burden on households hit by a slowing economy.

China took steps to lower borrowing costs on as much as $5.3 trillion in mortgages for millions of families in its latest attempt to shore up the troubled property sector.

These are part of sweeping policies to support the beleaguered property market as the economy slows. Read more at straitstimes.com.