Now that the Federal Reserve cut its benchmark interest rate, is it your turn?More than four million homeowners could benefit from refinancing their home loans, according to mortgage data provider ICE.

The Federal Reserve just made its first interest rate cut, which can influence mortgage rates. But it still may be too soon to refinance your mortgage.

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.