These are today's mortgage and refinance rates. Mortgage rates might not drop as much next year if the Fed only lowers rates a couple of times.

But prospective homebuyers hoping for lower mortgage rates this holiday season are likely to be disappointed. The Fed previously slashed interest rates by 0.5% in September and by 0.25% in November. After both rate cuts,

Since rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly, no matter the type of home loan you seek. On Wednesday's news that the Fed is expecting to make fewer rate cuts in 2024 than previously projected,