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 been holding steady this month, and they might only drop a little bit next year.

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

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

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%.

Mortgage rates could hit 5% by the end of 2025, but experts warn against waiting if you're planning to buy a home.

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