Mortgage rates for November 24, 2024, are around 6.60%. Rates were initially expected to drop into the 5% range in 2025. But recent strong economic data has made that less likely. If the economy starts to weaken,

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.

After a three-day climb nudged the 30-year average to its highest level since July, rates have edged lower for the last two days. Rates for other loan types saw minor movement.