Homebuyers will need to be strategic and well-informed in today's evolving mortgage rate environment. Cravetiger/Getty Images

The moment in the mortgage rate climate that millions of Americans have been waiting for may not have materialized just yet … but it sure seems to be close.

After mortgage interest rates declined for five consecutive weeks over the summer, they continued to fall this September. Last week, they declined to their lowest level in 11 months and, this week, they dropped again to their lowest point in almost one year . And that all comes before the Federal Reserve issues an anticipated rate reduction next week. Originally anticipated to be just 25 basis points, there's a small but substantial chance that the first cut of 2025 now comes via a larger, half

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