Mortgage rates have fluctuated since January 2024, starting near 7% and briefly dropping to 6.15% in September before rising to an average of 6.93%. Experts predict various scenarios for 2025, including rate stability, gradual declines, continued volatility, or significant hikes/cuts depending on economic factors like inflation and employment. It's advised to focus on financial preparedness and finding the right home rather than trying to time the market, as rates will continue to fluctuate. Getting pre-approved early is recommended for serious buyers.
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