Today's lower mortgage rates give buyers more breathing room and could make refinancing worth exploring. MicroStockHub/Getty Images

The Federal Reserve's 25-basis-point rate cut in October — its second of 2025 — has started to ripple through the housing market. Mortgage rates , which have remained stubbornly high throughout most of the year, have now eased slightly as lenders price in the central bank's new policy direction. While today's mortgage rates aren't back to the lows seen during the pandemic, they recently dropped to a three-year low , which was welcome news for prospective homebuyers.

But for those weighing the costs of buying a home in today's market, the question isn't just whether rates are falling . It's whether mortgage rates are falling enough to make a

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