Today's mortgage interest rates are considerably lower than they were earlier this year. Marcia Straub/Getty Images

Just under 90% . That's the likelihood the Federal Reserve will cut interest rates when it wraps its final 2025 meeting on December 10. Now at a range between 3.75% to 4.00%, the central bank is widely expected to issue another 25 basis point cut, bringing the rate down to 3.50% to 3.75%. That will be the third cut in four months from the Fed , opening up new opportunities for borrowers who otherwise would have paid a lot more a year or two ago.

But homebuyers and owners hoping to refinance may not have to wait for the Fed to justify taking action now. Mortgage interest rates have been gradually declining for much of 2025 already, hitting 3-year lows multipl

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