There are multiple mortgage rate options under 6% that are worth exploring now. Getty Images/iStockphoto

It wasn't that long ago when the average mortgage interest rate was comfortably over 7%.

In August 2023, for example, the average rate on a conventional 30-year term was 7.31%, marking the highest level since 2000 . Interest rate cuts in 2024 only temporarily caused those rates to decline. With inflation an ongoing concern at the end of 2024 and into 2025, the average rate on a 30-year term in January was 7.04%, according to FreddieMac data.

But the subsequent 11 months have seen real changes in the mortgage rate climate. The Federal Reserve cut rates in September and October and is now well-positioned to do so in its final meeting on December 10 . Mortgage rates in r

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