Illustration by Bankrate Table of contents Scenario 1: Mortgage rates rise Scenario 2: Mortgage rates stay the same Scenario 3: Mortgage rates fall Nearly everyone thinks the Federal Reserve will cut interest rates this week. That sentiment has translated to falling mortgage rates. Last week, the average 30-year fixed rate dropped to 6.38 percent, according to Bankrate’s national survey of lenders. Rates haven’t been this low in nearly a year.