After staying stagnant last week, mortgage rates have increased again this week. According to Freddie Mac, the national average 30-year fixed mortgage rate has risen by six basis points to 6.84%, and the 15-year fixed rate is up three basis points to 6.02%.

Many economists had expected mortgage rates to drop throughout 2025 — but experts are becoming less optimistic. Last month, Fannie Mae and the Mortgage Bankers Association predicted the 30-year fixed rate would reach 5.90% and 5.60%, respectively, by Q4 2025. Now, Fannie Mae forecasts the rate will be 6.30% by the end of 2025, and the MBA predicts 6.40%. Neither organization predicts the 30-year rate will fall to 6% by the end of 2026.

 

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Mortgage and refinance rates today, November 22, 2024: Rates might not drop much in 2025