Mortgage rates soared in the post-pandemic era, leaving borrowers scrambling to find home loans under 7.00%. This came as a big shock to those who'd become used to the 3.00% to 4.00% rates that lasted from the end of the great recession until COVID-19 hit and sent inflation surging.

These are today's mortgage and refinance rates. Mortgage rates might not drop much this month, but they're expected to go down in 2025.

When it comes to mortgage rates, the labor market may have the biggest influence. Here’s why. Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter.

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.