Rates on 30-year refinance loans dropped another 2 basis points Wednesday, nudging to average down to 7.03%. That's now the cheapest level for 30-year refi rates since Dec. 18. In September, 30-year refinance rates plunged to a two-year low of 6.01%. But they then surged as high as 7.30%—before recently moving lower.

Learn how Fed meetings affect mortgage rates and what it means for borrowers. Discover trends, impacts, and expert predictions on mortgage rates.

Fed interest rate moves can affect mortgage rates. But maybe not the way you expect. Moves by the Fed do not directly affect long-term fixed mortgage rates. They can, however, impact shorter-term loans, home equity financing and adjustable-rate mortgages.

VioletaStoimenova / Rates on 30-year refinance loans dropped another 2 basis points Tuesday, nudging to average down to 7.05%. That's now the cheapest level for 30-year refi rates since Dec. 18. In September,

President Trump has said he will "demand" lower interest rates, raising questions about his ability to influence the Federal Reserve.

These are today's mortgage and refinance rates. Mortgage rates may only drop a little bit this year since the economy is still running strong.

“For Miami we see in 2025 that the prices of homes will go up by 4%. So, homeowners will see that investment continue to go up.” Aside from the migration we've seen from other states, Zillow experts say a new generation of buyers will impact prices: millennials.

The U.S. housing market has been hurt by volatile mortgage rates, but a severe shortage of available homes is the most critical obstacle for would-be buyers, Zillow CEO Jeremy Wacksman said.

In September, rates plunged to a two-year low, falling as far as 5.89%. But over the following three-plus months, the average surged almost 1.25 percentage points—before recently easing lower.

These are today's mortgage and refinance rates. Mortgage rates may not fall much this year unless inflation shows further signs of slowing.

Mortgage rates declined by one basis point this week, not enough to change the equation to bring consumers back into the housing market, Freddie Mac said.