These are today's mortgage and refinance rates. Mortgage rates have been holding steady, and they might not drop as much as expected this year.

During his campaign, Trump repeatedly claimed that mortgage rates would return to lows of around 3% (rates are more than double that today). Yet the president is not dealing with

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.

On the campaign trail, Trump promised to bring down mortgage rates and make housing affordable again. His policies could do the opposite.

The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

Mortgage rates are back above 7%, and that’s slowing an already sluggish housing market with potential buyers choosing to wait on the sidelines to start the year. Home sales have stalled in January, down 10% in the most recent week compared to a year ago,