Today's mortgage interest rates are significantly lower than they were at this time last year. carlofranco/Getty Images

Monitoring the mortgage interest rate climate in recent years has often been frustrating for buyers and owners looking to refinance. Not only were rates exponentially higher than they were at the start of the decade but there frequently felt like there was no chance of them declining again anytime soon.

But that dynamic has changed a bit over the past year. Not only are mortgage interest rates down substantially from where they sat in January 2025 , but in recent weeks, we have seen them decline to their lowest level since 2022 , approximately, and they've largely remained there in recent weeks.

And while the 3% to 4% mortgage interest rate range of 2020

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