These are today's mortgage and refinance rates. Mortgage rates are expected to go down with inflation. But Trump could push inflation higher.

“Mortgage rates ticked up for the fifth consecutive week and crossed 7% for the first time since May of 2024,” says Sam Khater, Freddie Mac’s chief economist. “The underlying strength of the economy is contributing to this increase in rates."

Some U.S. consumers are optimistic about the housing market in 2025, believing there's a chance mortgage rates and home prices drop. But how likely is that to really happen?

These are today's mortgage and refinance rates. Mortgage rates have eased thanks to cooler inflation data, but it's unclear if they'll drop further.

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.

The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.

The 30-year mortgage rate has inched up to the highest level since early last summer. Refinances are unexpectedly going up.