These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but where they go next depends on incoming economic data.

"While we may see mortgage rates drop modestly in December, anyone expecting a significant change for the better may be disappointed," says Darren Tooley, senior loan officer at Cornerstone Financial Services. Change likely isn't on the horizon for a few reasons, according to Tooley.

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 might not drop much this month, but they're expected to go down in 2025.

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.