Last year, the path to lower mortgage rates seemed relatively straightforward: Official inflation would go down, the Federal Reserve would cut interest rates and the cost of borrowing would gradually ease in 2025.

These are today's mortgage and refinance rates. Mortgage rates may not drop as much, or at all, if inflation doesn't continue to slow this year.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

These are today's mortgage and refinance rates. Mortgage rates have eased thanks to cooler inflation data, but it's unclear if they'll drop further.

During his campaign, Trump repeatedly claimed that mortgage rates will return to lows of around 3% (rates are more than double that today), yet experts say that the president is n

Mortgage rates have more than doubled from recent lows in 2021. They're not poised to fall much any time soon, economists said.