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.

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.

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

See what mortgage interest rate you could qualify for here now.

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%.

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