In September, October and December of 2025, the Federal Reserve cut rates by 25 basis points each to total 75 basis points. Rates for the year drifted downward from 6.8%-7% to end the year at 6.25%.For most of 2024, mortgage rates lingered in the 6s and 7s. The Fed pivoted back to rate cuts in September, October and December of that year. Despite the Fed’s cuts, mortgage rates rose from September 2024 into 2025.By 2022, the Federal Reserve began raising its benchmark interest rate to cool pandemic-spurred i ...