The Federal Open Market Committee will announce its next scheduled decision on interest rates on December 18. A rate cut is likely but far from certain.

Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.

These are today's mortgage and refinance rates. Mortgage rates went up in October and have remain elevated so far this month. But they could ease in 2025.

Rate movement for other mortgage types was mixed Monday, though no rate averages moved more than 4 basis points. Because rates vary widely across lenders, it's always smart to shop around for your best mortgage rate and compare rates regularly,