Mortgage interest rate drops have opened new opportunities for homebuyers this October. Getty Images/iStockphoto

Mortgage interest rates plunged to their lowest level in three years in September, and while they've ticked up slightly since the middle of the month, they now enter October at a significantly lower position than they were at earlier in 2025. According to FreddieMac , the average rate on a 30-year mortgage term is now just 6.30%, materially lower than the plus-7% range mortgage rates hovered near at the start of the year. So there's understandable motivation for homebuyers to become reengaged, especially if they've been sitting on the sidelines in recent years in anticipation of a cooler mortgage rate climate.

However, that doesn't mean they should rush into the process

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