Mortgage rates fell to the lowest level in two years a day after the Federal Reserve cut its benchmark interest rate. The 30-year fixed-rate mortgage averaged 6.09% as of Sept. 19, according to data released by Freddie Mac on Thursday.

In short, it's unlikely that mortgage interest rates will fall much further in September, even if that doesn't mean that you should stop monitoring the market to take advantage of minor drops.

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.