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.

The Fed announced its third straight rate cut this week, also signaling that additional reductions are likely in 2025. What could this mean for future mortgage rates?

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses