Mortgage rates plunge —What this means for homebuyers and sellers | ChicagoNOWMortgage rates just saw their biggest one-day drop in months—hitting their lowest level since late 2022. The average 30-year fixed rate dipped to 6.13% on Tuesday, as investors anticipate a widely expected rate cut by the Federal Reserve. But as we’ve seen before, what looks like relief for homebuyers can quickly shift—especially if rates move unexpectedly after the Fed’s decision.