Mortgage and mortgage refinance interest rates both declined on November 7, 2025. Marcia Straub/Getty Images

After multiple years of being stuck on the sidelines waiting for mortgage interest rates to cool down again, prospective homebuyers may want to reconsider their strategies. Mortgage rates have been falling for much of 2025 after starting the year slightly over 7%. That's been largely due to a combination of lower inflation rates, movement with the 10-year Treasury yield and a series of new Federal Reserve rate cuts that resumed in September following a series of cuts in the final months of 2024.

And while rates aren't as low as they were during the height of the pandemic in 2020 and 2021, they're far from the decades-high that they were in 2023, too. With ano

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