Three years have passed between the release of the third-generation iPhone SE and the iPhone 16E, Apple's latest budget phone. That's a relatively long time for mobile developments to evolve -- and for the sticker price to rise alongside those improvements.

A rumor from some weeks back is suddenly gathering steam, suggesting a different iPhone is on the brink of release.

The iPhone 16e features an OLED screen, the A18 chipset that supports Apple Intelligence, and other improvements to battery life and camera. The iPhone SE 3, on the other hand, is the last iPhone with the iconic "Home button" look though it lags modern offerings with its aging chip and camera.