Thinking about taking out a mortgage loan? Current mortgage rates fall to 6.88% for 30-year terms, while 15-year terms decrease to 6.13%.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

These are today's mortgage and refinance rates. Mortgage rates have been high in November as expectations around future Fed cuts have shifted.

After a brief dip in September and early October, mortgage rates have crept back up toward the 7% mark. There's a chance they'll fall to 6% by Dec. 31, but a more likely scenario is rates reaching that level in 2025. You can snag a great deal on a mortgage by boosting your credit score, shedding debt, and shopping around.

Market-based rates such as mortgages tend to move in anticipation of future Fed policy — not the policy at the moment when the cuts happen.

Experts have been saying that mortgage rates will go down in 2025, but if inflation rises under Trump, we could actually see them tick up further.

The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

Mortgage rates ticked down from 6.79% last week to 6.78% for a 30-year fixed home loan for the week ending Nov. 14, according to Freddie Mac. "After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,

Freddie Mac reports the 30-year fixed mortgage rate averaged 6.78% for the week ending Nov. 14 — down from 6.79% last week.