With the recent Fed rate cut, now may be an ideal time to seek a lower mortgage rate. To achieve this, consider improving your credit score, increasing your down payment, shopping around for lenders, opting for a shorter loan term, locking in rates early, choosing a fixed-rate mortgage, refinancing, making extra payments, exploring government-backed loans, and negotiating rates. Factors influencing mortgage rates include credit score, down payment size, loan term length, the federal funds rate, and economic conditions.