Mortgage rates have posed challenges for homebuyers, with current rates in the high 6% range and expectations for potential cuts later in 2025. Historical trends show rates peaked at 7.08% in October 2022, following a drop to record lows during the pandemic. The long-term average is just under 8%. Factors influencing rates include credit scores, down payments, and loan types. While rates are expected to decline, borrowers should focus on their financial readiness rather than trying to time the market.
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