These are today's mortgage and refinance rates. Mortgage rates have been flat. But they should fall next year as long as inflation continues to slow.

Most experts predict that mortgage rates will fall steadily in 2025, and forecasts from both the Mortgage Bankers Association (MBA) and Fannie Mae back that up. "I expect mortgage rates to be on a slow grind downward in 2025, barring unexpected softness in the economy," Goodwin says.

Thinking about taking out a mortgage loan? Current mortgage rates drop to 6.88% for 30-year terms, while 15-year terms fall to 6.13%.

These are today's mortgage and refinance rates. Unless the economy starts to weaken, we might not see mortgage rates drop as much as expected in 2025.

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The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.

Thinking about taking out a mortgage loan? Current mortgage rates hold at 6.99% for 30-year terms, while 15-year terms remain at 6.25%.

MBA now expects mortgage rates to end 2025 at 6.4%, a 50 bps jump from its forecast in October. Forecasted origination volume dropped $200B.

Mortgage rates dropped again this summer to a 15-month low, putting them back at numbers we saw in April of 2023. However, the rates are still higher than they were immediately before the pandemic, prompting some potential buyers to wonder when to buy a new home.