Mortgage rates just fell to their lowest level in almost a year. Here are 3 questions to ask now.

As mortgage rates decline, new questions may arise for homebuyers and homeowners looking to refinance. Alex Cristi/Getty Images

Homebuyers sitting on the sidelines may want to reconsider their plans.

Mortgage interest rates declined again this week, following a fall to an 11-month low just last week. Now at an average of 6.35% for 30-year terms, rates are at their lowest level in nearly a year. Last September, for example, they briefly hovered around the 6% mark before rising in the months after. By January 2025, they were over 7%, according to historic FreddieMac data.

Now, however, following a slow but steady decline over the summer , rates could be low enough to justify action. Before getting started and to better time an application, it can help to understand the dynam