Mortgage rates are dropping ahead of an anticipated Fed rate cut, with the current 30-year rate at 6.16%, down 12 basis points. Refinance rates are slightly higher, with the 30-year rate at 6.20%. Economists do not expect significant rate drops by 2025. The Fed’s decision on the federal funds rate will impact future mortgage rates, with a 96% chance of a rate cut at the upcoming meeting. Despite fluctuations, mortgage rates are not expected to drastically change by the end of 2025. However, rates may ease slightly next year based on economic factors.

Read more at Yahoo Finance: Falling before the Fed rate cut