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.

See what mortgage interest rate you could qualify for here 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.

After flatlining the week before, mortgage demand rose last week, despite mortgage rates rising for the fourth straight week.

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.