Mortgage rates have climbed since the Fed began cutting interest rates. Housing affordability remains historically bleak for everyday Americans thanks to a combination of high home prices, elevated mortgage rates, and limited housing supply.

Mortgage rates ended 2024 with a bang – but not the kind that’s good for borrowers. And for anyone in the market for a home – or a refinance – 2025 may not be much kinder. In the week ending Dec. 26,

With the election in the rearview mirror, speculation abounds about what next year’s housing market will look like. “We’ve seen after presidential elections — and it doesn’t matter who wins —that there’s usually a slight boost in home sales,

Home sales across the country should rebound in 2025 after two sluggish years. But buyers shouldn’t count on 30-year mortgage rates dipping much below 6%. And homeowners in many parts of the country will be lucky to capture price gains above 2% next year,

"Mortgage rates are likely to remain in the high-6% range throughout 2025, with the weekly average rate fluctuating throughout the year but averaging around 6.8%," say the strategists at Redfin, the national brokerage.