Today's mortgage interest rates are significantly lower than they were at the start of the year. J Studios/Getty Images

If homebuyers and owners hoping to refinance their mortgages felt hopeless in recent years, it was understandable. After consistently hovering near record lows at the start of the decade, interest rates surged alongside a soaring inflation rate . That caused mortgage rates to follow a similar pattern, rising to the highest level since 2000 in August 2023. But while rates are not quite as low as they were in 2020 or 2021, 2025 has seen some noticeable improvements . And there still may be more to come in the final days of the year.

With the Federal Reserve set to conclude its final 2025 meeting on December 10 and, with it, the growing likelihood of another

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