Mortgage rates were little changed this week as financial markets reacted to President-elect Donald Trump’s slate of Cabinet picks.

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.

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.

Mortgage rates dropped last week, and homebuyers jumped off the fence. They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

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.

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%.

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.

"At this point, 6% mortgage rates by the end of 2024 seem unlikely," said Jacob Channel, senior economist at Lending Tree. "The uncertainty brought about by the results of the pre

Home buyers may have to wait until 2025 for mortgage rates to decrease. The average 30-year mortgage rate rose to 6.84% last week, continuing its consistent weekly increase since September. The housing market during the past two years doesn’t yet appear to be gathering major momentum.