These are today's mortgage and refinance rates. Mortgage rates have gone up recently, and sticky inflation this year could keep them elevated.

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.

Mortgage interest rates pulled back a little this week, but it was hardly enough to erase the past three weeks' gains. The week ending Jan. 9, the average rate on the 30-year fixed-rate mortgage fell four basis points to 6.93%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.

The National Association of Realtors preditcs mortgage rates will be around 6% in 2025. Meanwhile, Redfin predicts mortgage rates will remain in the high-6% range throughout 2025, with the weekly average rate fluctuating throughout the year but averaging around 6.8%.

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.

Mortgage rates have steadily increased over the past three months, a frustrating development for home buyers trying to enter the housing market. When the Fed began cutting interest rates in September 2024,