These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but where they go next depends on incoming economic data.

"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.

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.

When it comes to lowering mortgage rates, changes in the labor market may have the biggest influence. Here's why.

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.