These are today's mortgage and refinance rates. Mortgage rates are up near 7% thanks to inflation and fears that Trump could push prices up 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.

These are today's mortgage and refinance rates. Mortgage rates have gone up thanks to strong economic data. Where they go next depends on inflation.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

Today, the mortgage interest rate on a 30-year fixed mortgage is 7.43%, according to Curinos. On a 15-year fixed mortgage, the average rate is 6.61%, and the average rate on a 30-year jumbo mortgage is 7.