At the start of 2024, the path to lower mortgage rates seemed relatively clear-cut: Official inflation would go down, the Federal Reserve would carry out more interest rate cuts and the cost of borrowing would gradually ease in 2025.

After a recent surge to their most expensive level since early July, 30-year mortgages ticked down Friday. Rates for most other loans were down or flat.

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,

In remarks at a postmeeting press conference on Wednesday, Fed Chair Jerome Powell said that policymakers are now equally attuned to risks from both sides of the mandate, and would proceed cautiously with future rate cuts to avoid reigniting rapid inflation.

These are today's mortgage and refinance rates. Mortgage rates dropped in the fall, but they've trended back up over the last few months.