These are today's mortgage and refinance rates. Mortgage rates have remained elevated in spite of recent Fed cuts. But they may drop next year.

The median interest rate on a 30-year fixed-rate mortgage is 6.88% as of November 8, which is 0.11 percentage points lower than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is 0.13 percentage points lower than yesterday.

Mortgage experts agree that the right time to lock in a rate depends on your situation. Making your move later this month could offer some advantages. But your timeline, financial readiness and local housing market should guide your decision. The choice isn't just about getting the lowest rate — you must find the right balance for your needs.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

The median interest rate on a 30-year fixed-rate mortgage is 6.99% as of November 7, which is 0.11 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.13%, which is 0.13 percentage points higher than yesterday.

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

These are today's mortgage and refinance rates. Mortgage rates are forecast to go down in 2025, but if inflation reignites, that outlook could change.

California, New York, and Florida currently have the lowest 30-year mortgage refi rates Editor's Note: Investopedia will not publish daily mortgage rate news on Monday, Nov. 11, in observance of Veterans Day.

Mortgage rates rose for the sixth straight week with the 30-year fixed rate average hitting 6.79%, as purchase demand continues to weaken in the stagnant housing market.