These are today's mortgage and refinance rates. This week's labor market data will give us an idea of where mortgage rates may go in upcoming months.

After skyrocketing during and after the pandemic, mortgage rates are down more than 1% from their October 2023 peak. But what’s behind this shift, why did rates soar in the first place and how much further can hopeful buyers expect mortgage rates to drop in 2024?

Assuming a 3.5% down payment and excluding tax and insurance, the typical payment at today’s 6.54% mortgage rate on a median-priced $425,000 home is roughly $2,603 per month. Last week, a median-priced home at a 6.44% mortgage rate would have cost homebuyers $2,576 per month—$27 less than what buyers would pay today.

These are today's mortgage and refinance rates. Mortgage rates increased this month, and whether they shift upward again depends on the labor market.

As of Oct. 25, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.88%, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is also unchanged from yesterday.

Mortgage rates aren't likely to fall back down to 3% anytime soon. Read on to find out where they might be in the next year.