The mortgage rate environment has undergone significant shifts in recent years, though, making it more difficult to determine what the time is right to make a move. While it was e

“Even by the end of next year, it’s hard to see sub 6 percent mortgage rates,” said Mark Fleming, chief economist at First American, which predicts the average rate on a 30-year mortgage will range between 6% and 6.5% next year, per a report from The Hill.

Rates on 30-year mortgage refinance loans edged up another 3 basis points Monday, pushing the average up to 7.15%. That's just 4 basis points under the 7.19% reading notched on Dec. 24, which was the most expensive level for 30-year refi rates since late July.

The mortgage market rang in the new year with a thud. Activist John Hope Bryant has suggested the 40-year mortgage as a solution to affordability issues for first-time buyers. While it has some support, industry players are weighing the benefits against the risks.

Since the Fed's first cut in September, the average 30-year fixed mortgage rate has gone up nearly a full percentage point. The things we accumulate are meant to be used... and the people in our lives are meant to be valued Take a look at the Official Trailer for Sony Future Immersive Entertainment Concept unveiled at CES 2025.