These are today's mortgage and refinance rates. Mortgage rates were supposed to dip below 6% this year. Instead, they're up near 7%.

Mortgage costs stayed stubbornly high in 2024, with 30-year fixed rates holding well above 6% for most of the year. Unfortunately for buyers, 2025 isn't looking much better. The Federal Reserve has been cutting interest rates,

The 30-year mortgage refi rate average ticked down for a third day but remained higher than recent averages. Other refi loan types saw mixed movement.

Despite an interest rate cut in early December, mortgage rates continue to rise. The average rate for a 30-year mortgage just increased to 6.85%, the highest since July.

The housing market will end the year with its highest 30-year mortgage rate since July at 6.85%, according to data from Freddie Mac.