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The Federal Reserve is meeting this week for the first time since July and, for the first time since , an interest rate cut is once again expected.

That's big news for homebuyers who have mostly been on the sidelines in recent years thanks to a surge in mortgage rates. But that trend has reversed itself in recent weeks, as and fell to and , respectively, in September. A formal rate cut, then, could lead to further mortgage rate reductions.

Against this backdrop, and considering that the mortgage rate climate is volatile and hard to predict, homebuyers should be well-informed and strategic in their approach. That extends to understanding and implementing some timely mortgage rate dos and don'ts this September. Below, we'll examine four to know right now.

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Here are four timely mortgage rate dos and don'ts buyers should know this month, with rate changes looming:

The average mortgage rate on a 30-year mortgage declined last week to 6.35%. While that's far from the 3% range (or lower) that buyers could have secured in the early part of the decade, it can still be worth locking in now if it meets your budget. Remember that  and then rose in the months that followed, again. So, if a new rate offer meets your budget now, lock it in. You can always in the future and, in the interim, you won't have to worry about market changes that could cause rates to spike again.

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As noted above, recent mortgage rate activity shows that simply assuming rates will continue to fall could be a costly mistake. Rates here are still volatile and dependent on a series of factors besides just the Fed (the also plays a major role). Not only can waiting for rates to fall prove to be a costly mistake, but it also could mean missing out on your , as rates and listings that you prefer don't always align perfectly. Be careful and realistic, then, with your ultimate approach.

It's always important to shop around for rates and lenders to determine which is offering the most cost-effective options. But it's especially important to do now, as lenders will have different reactions to Fed rate cuts and market changes. Some may even reduce rates preemptively, meaning you'll see little difference in the days following a rate cut. Others, however, may only reduce their offers slightly or by a negligible amount after rates are reduced. Be diligent in your approach and carefully shop for rates, lenders and closing costs to accurately determine which is most affordable.

While rates on traditional mortgage loans are on the decline, don't forget to explore all of your options, some of which can secure you an even lower rate than what you see listed online. That may mean pursuing an , which can come with a rate even lower than average ones right now, and it may mean purchasing , which serve as a fee to the lender for offering you a lower rate. And, in some instances, it may even require combining both approaches. This may take more time, effort and close consultation with a lender, but the end result could be especially valuable.

This September and, potentially, the months that follow, could be the time for many homebuyers to make an offer on a home. By understanding these four critical (and timely) dos and don'ts, they can take an informed and judicious approach, setting themselves up for long-term financial success, regardless of what happens in the mortgage rate climate in the long term.