Any incoming economic data that beat markets' expectations, such as hotter inflation or lower unemployment, reduces the likelihood of cuts and will maintain upward pressure on mortgage rates, said Nicole Rueth, SVP of the Rueth Team Powered by Movement Mortgage.

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.

Thinking about taking out a mortgage loan? Current mortgage rates drop to 6.88% for 30-year terms, while 15-year terms fall to 6.13%.

Mortgage rates dropped again this summer to a 15-month low, putting them back at numbers we saw in April of 2023. However, the rates are still higher than they were immediately before the pandemic, prompting some potential buyers to wonder when to buy a new home.

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

These are today's mortgage and refinance rates. Mortgage rates have held relatively steady this month, and where they go next depends on the economy.

After three days of ticking downward, 30-year mortgage rates inched up a bit Friday, wavering in a narrow range. Other loan types saw mixed rate movement.