A drop in mortgage rates for the first time in two months has sparked a surge in home purchase applications, breathing new life into the stagnant housing market.

These are today's mortgage and refinance rates. Mortgage rates are down slightly as markets weigh the impact of Trump's pick for Treasury secretary.

Rates on new 30-year home loans held their ground at a slightly lower level Tuesday, after sinking dramatically Monday. Movement was mixed for other loan types.

Today’s average mortgage rate on a 30-year fixed-rate mortgage is 7.22%, down 0.07 percentage point from the previous week, according to Curinos. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage,

Any incoming economic data that beat 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.

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

The interest rate market continues the healing process after taking heavy damage in October.  During the course of that month, the average top tier conventional 30yr fixed rate increased more than 0.

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.

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

These are today's mortgage and refinance rates. Mortgage rates have held relatively steady this month, and where they go next depends on the economy.