These are today's mortgage and refinance rates. Mortgage rates went up after last week's Fed meeting, and they may not drop as much in 2025.

"If there are blanket higher tariffs on all goods crossing the border, then there will be higher inflation. If there are tariffs on a few select products, which are done in phases spread over many years, then there will be less upward pressure on inflation. It also depends on how much and how fast U.S. factory production can ramp up," Yun says.

These are today's mortgage and refinance rates. Mortgage rates might not drop as much next year if the Fed only lowers rates a couple of times.

Dean Greenberg, President of Greenberg Financial Group explained that interest rates on mortgages actually went up after the Federal Reserve's decision to drop federal interest rates.

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses

The Fed is likely to cut rates less than initially expected in 2025. What does this mean for mortgage rates and homebuyers next year?