Mortgage rates declined this fall in anticipation of the first interest rate cut since March 2020.

But then the 10-year Treasury yield jumped 15 basis points on Nov 6, closing to trade at 4.43%, hitting its highest level since July, as investors and the bond market bet a Trump presidency would increase economic growth along with fiscal spending. Election uncertainty contributed to an upward swing in mortgage rates. The 10-year Treasury Rate was at 4.20% in December, compared to 4.23% last year. But now that we have a president-elect, we expect the mortgage rates to gradually come down over time in 2025.