Today, the mortgage interest rate on a 30-year fixed mortgage is 7.37%, according to Curinos, while the average rate on a 15-year mortgage is 6.53%. On a 30-year jumbo mortgage, the average rate is 7.

Some U.S. consumers are optimistic about the housing market in 2025, believing there's a chance mortgage rates and home prices drop. But how likely is that to really happen?

"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.

The rate on a 30-year fixed refinance decreased today. The average rate for refinancing a 30-year fixed mortgage is currently 7.44%, according to Curinos. For refinancing a 15-year mortgage, the average rate is 6.