A drop in mortgage rates for the first time in two months has sparked a surge in home purchase applications, breathing new life into the stagnant housing market.

These are today's mortgage and refinance rates. Mortgage rates are down slightly as markets weigh the impact of Trump's pick for Treasury secretary.

Rates on new 30-year home loans held their ground at a slightly lower level Tuesday, after sinking dramatically Monday. Movement was mixed for other loan types.

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.

The rate on a 30-year fixed refinance slipped today. Refinancing rates for a 30-year, fixed-mortgage are averaging 7.31%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.

Pending home sales increased in October as house hunters reacted to increased property inventory and confidence over economic conditions.

People hoping to buy a home have something to be thankful for. Freddie Mac says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (F

The interest rate market continues the healing process after taking heavy damage in October.  During the course of that month, the average top tier conventional 30yr fixed rate increased more than 0.

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.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.86% from 6.90%, with points remaining unchanged