Mortgage and refinance rates today, February 3, 2025: Rates could stay at this level for a while

Economists don't expect mortgage rates to fall drastically throughout 2025 .

Now could be a good time to start shopping for homes and mortgage lenders.

A 15-year mortgage comes with a lower interest rate than a 30-year term.

Mortgage refinance rates tend to be a little higher than purchase rates.

Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, excellent credit scores, and low debt-to-income ratios.

If you want a lower rate, try saving more, improving your credit score, or paying down some debt.

You can also buy down your interest rate permanently by paying for discount points at closing.