Meanwhile, interest rates are still high, and for homebuyers, this means mortgage rates between 6% and 7% — forcing many to put their plans on hold until borrowing becomes more affordable. With the Federal Reserve now hinting at a few rate cuts this year,

Most economists were expecting mortgage rates to fall over the course of the coming year. But rates have risen steadily over the last month, inching back up to 7% — and they’re expected to move even higher in the coming weeks.

These are today's mortgage and refinance rates. Mortgage rates have gone up thanks to strong economic data. Where they go next depends on inflation.

Mortgage rates may decline somewhat in 2025 but the Federal Reserve currently expects interest rate cuts to be limited. Where mortgage costs trend from here will depend in part on unemployment and inflation data.