Mortgage interest rates are hovering near recent lows, as of November 6, 2025. M.photostock/Getty Images

Mortgage interest rates , despite being much higher than they were at the start of the decade, have been on a slow and welcome decline for much of 2025 . After hitting their highest levels in decades as recently as August 2023, rates here have dropped significantly in recent months. In September, the average mortgage rate declined to 6.13%, its lowest level in three years . And while it ticked up slightly in the weeks that followed, it fell back to that point in late October, timed against a Federal Reserve interest rate cut in the final days of the month.

But with the reverberations of that rate cut still being felt in the interest rate space and the prospect of a

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