Mortgage interest rates may now be low enough to justify purchasing or refinancing activity. Grace Cary/Getty Images

While millions of Americans find themselves busy with Thanksgiving this week and the holiday season overall, homebuyers and current owners considering a refinance may want to take a moment to revisit the mortgage rate climate . Not only have mortgage interest rates been steadily declining for much of 2025 , but they've fallen to 3-year lows multiple times in recent weeks.

And that decline may not be over. With the chances of a Federal Reserve interest rate cut for the central bank's final meeting of 2025 growing and the reality that mortgage lenders often reduce interest rates in anticipation of a reduction, mortgage purchase and refinance rates may already

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