Mortgage interest rates have noticeably declined in 2025. sakchai vongsasiripat/Getty Images

While mortgage interest rates have been gradually declining for much of 2025, the drop has been most noticeable in the past two months. Right before the Federal Reserve issued its first rate cut of the year in September, mortgage rates temporarily declined to a three-year low . They then rose slightly in the following weeks before dropping back to that three-year low in October ahead of a rate reduction the central bank made then, too.

But the pattern of rates slightly increasing post-Fed rate cuts has continued into early November. Still, rates here are markedly lower than they were at many points in 2023 and 2024, and they're appreciably lower than the above-7% mark th

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