These are today's mortgage and refinance rates. Mortgage rates are supposed to drop next year, but that hinges on inflation remaining low.

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. Mortgage rates have increased in recent months, though they should drop a bit next year.

See what mortgage interest rate you could qualify for here now.

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.

Pending home sales increased in October as house hunters reacted to increased property inventory and confidence over economic conditions.

It's looking less likely that homebuyers will see lower mortgage rates by the end of this year. It's hard to be thankful for today's housing market. Mortgage rates are high, prices are rising and inventory is still limited.