These are today's mortgage and refinance rates. Mortgage rates have been low in December, with 30-year fixed rates staying below 7%. They could fall further in 2024.

Mortgage rates have been exceptionally high. While experts expect rates to drop somewhat in 2024, how far they might fall remains to be seen.

Mortgage rates on a typical two-year fixed deal have fallen below 6% for the first time since mid-June, according to Moneyfacts. The financial information service said the average rate was now 5.99%.

Mortgage rates continued their downward march this week and spurred on an uptick in home purchase demand, but elevated home prices are still keeping many would-be buyers away.

US mortgage rates fell to the lowest level in almost four months last week, spurring the biggest demand for refinancing since February.

The average interest rate on a two year fixed mortgage had fallen below 6% for the first time since June in another boost for the housing market. Analysts Moneyfacts said the average rate on one of the most popular mortgage products now stands at 5.

Currently, the current average mortgage rate on a 30-year fixed mortgage is 7.56%, compared to 7.64% a week ago. For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 6.