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,

Despite an interest rate cut in early December, mortgage rates continue to rise. The average rate for a 30-year mortgage just increased to 6.85%, the highest since July.

After surging to a five-month high before the holiday, 30-year mortgages held steady Thursday. Rate movement was mixed across other loan types.

These are today's mortgage and refinance rates. Mortgage rates remain elevated and they may not drop as much as expected next year.

The housing market will end the year with its highest 30-year mortgage rate since July at 6.85%, according to data from Freddie Mac.