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%.

Currently, the average interest rate on a 30-year fixed mortgage is 7.32%, compared to 7.31% a week ago, according to Curinos. For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.

HELOC interest rates hit a new 2024 low this week. Here's why homeowners should consider opening one right now.

These are today's mortgage and refinance rates. Mortgage rates have been holding steady this month, and they might only drop a little bit next year.

Any incoming economic data that beats markets' expectations, such as hotter inflation or lower unemployment, reduces the likelihood of cuts and will maintain upward pressure on mortgage rates, said Nicole Rueth, SVP of the Rueth Team Powered by Movement Mortgage.

W hen the Federal Reserve raised its benchmark interest rate to its highest point in decades in the summer of 2023, mortgage interest rates surged alongside it, hitting their high

Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units.

These are today's mortgage and refinance rates. Strong economic data has kept mortgage rates elevated, and they might only drop a little bit in 2025.

Mortgage rates are approaching the 7% mark again as the purchase demand remained in the doldrums, according to this week's Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 6.