Rates for 30-year new purchase mortgages fell Friday, lowering the flagship average to it cheapest level since mid-October. Rates on other loan types showed mixed movement.

"While we may see mortgage rates drop modestly in December, anyone expecting a significant change for the better may be disappointed," says Darren Tooley, senior loan officer at Cornerstone Financial Services. Change likely isn't on the horizon for a few reasons, according to Tooley.

These are today's mortgage and refinance rates. Mortgage rates might not drop much this month, but they're expected to go down in 2025.

Mortgage rates remain elevated relative to the levels seen in September and early October, but they've definitely moved down a bit from their recent highs.  Thanksgiving week saw the lowest daily average rate in exactly a month,

A drop in mortgage rates for the first time in two months has sparked a surge in home purchase applications, breathing new life into the stagnant housing market.

These are today's mortgage and refinance rates. Mortgage rates increased in recent months, and where they go next depends on the economy.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

In the near term, "many forecasts have rates near 6% at the end of this year — and falling to about 5.8% next year," said NPR. Further into the future, mortgage rates "will likely remain around 6% well into 2025, according to forecasts by major mortgage lenders and industry associations," said CNBC Make It.

Rates on new 30-year home loans held their ground at a slightly lower level Tuesday, after sinking dramatically Monday. Movement was mixed for other loan types.