Recent mortgage interest rate drops have made homebuying more affordable for many buyers. Pla2na/Getty Images

With the holiday season set to officially commence later this month and, with it, a predicted surge in spending , the thought of homebuying or refinancing an existing home may not be an urgent priority right now. And after the increase in mortgage interest rates in recent years, it's understandable if this consideration is dismissed. But that could be a mistake for many, considering that mortgage interest rates have been slowly but steadily declining for much of 2025.

Mortgage interest rates briefly dropped to a three-year low in September, timed against the Federal Reserve's interest rate cut that month. They rose slightly in the weeks after, but then fell back

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