As of Oct. 25, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.88%, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is also unchanged from yesterday.

After skyrocketing during and after the pandemic, mortgage rates are down more than 1% from their October 2023 peak. But what’s behind this shift, why did rates soar in the first place and how much further can hopeful buyers expect mortgage rates to drop in 2024?

These are today's mortgage and refinance rates. Mortgage rates have gone up this month, but they're still expected to decrease throughout 2025.

If the base rate falls to 3.5% next year as like some analysts are predicting, mortgage borrowers could find themselves able to borrow up to 18% more.