Homebuyers should closely evaluate their interest rate options in today's cooling rate climate. Chitraporn Nakorn/Getty Images

While today's mortgage interest rates are much higher than they were at the beginning of the decade, when they hovered near record lows during the pandemic, the reality is that they're not far off the historical average. For many years, mortgage interest rates were often found close to 7% or even higher, making today's rates actually lower than what homebuyers would've been offered in previous decades.

And the good news is that mortgage interest rates are slowly but steadily decreasing again. While it may take a major event or economic downturn to get them back near 3%, rates have been falling here for much of 2025. Right now, they remain near the

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