Mortgage rates declined recently, and borrowers could see big savings on a mortgage loan as a result. Aleksandr Zubkov/Getty Images

The mortgage rate landscape has shifted considerably over the past several months, with rates retreating from the elevated levels that dominated much of early 2025. Back in January, homebuyers faced 30-year mortgage rates averaging 6.93%, a figure that put significant pressure on monthly budgets and forced many prospective buyers to reconsider their purchasing power. Fast forward to today, though, and the average 30-year fixed rate has dropped to 6.34%, which is drawing both new buyers and homeowners looking to refinance back into the market.

For borrowers who need to take out a mortgage loan in the $700,000 range, today's lower mortgage rates aren

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