It wasn’t that long ago that the idea of securing a mortgage rate under 6% seemed impossible. It was just January 2025, for example, when the average rate for a 30-year term sat above 7%. And that followed years of high mortgage rates, at one point hitting the highest level in decades. But there’s been material progress since this point last year, thanks in large part to a consistent interest rate-cut campaign from the Federal Reserve. Mortgage rates, in turn, have responded positively.

 

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