These are today's mortgage and refinance rates. Mortgage rates have eased this week, but we might not see them drop substantially until next year.

As of Oct. 16, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.50%, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.75%, which is 0.13 percentage points lower than yesterday.

Meanwhile, for the week ending June 12, the number of refinancing applications jumped 10 percent compared to the previous week—nearly doubling the number of applications filed during the same week last year, according to data released by the Mortgage Bankers Association. Refinance loans made up 63 percent of all mortgage applications that week.

Mortgage rates for October 16, 2024, are around 6.30%, according to Zillow data. Rates have been higher this month in response to strong economic data. If you're thinking about buying a home soon, you may be able to get a lower rate in 2025.