For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

Mortgage rates fluctuate daily, so a little volatility can always be expected. On Monday, the average rate on a 30-year fixed mortgage was around 6.96%, according to Bankrate data, which is 0.15% lower than January's peak of 7.11%. But February could see more turbulence than usual.

Mortgage refinance rates remained unchanged at 6.94% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.87%. For 20-year mortgage refinances,

Rates on 15-year new purchase loans fell even more significantly last week, plunging 16 basis points to average 5.98% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).

The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.89%, according to the Mortgage Research Center. On a 15-year fixed mortgage, the average rate is 5.89%, and the average rate on a 30-year jumbo mortgage is 7.

The federal funds rate and mortgage interest rates are often expected to move together, but they haven’t lately. Here’s why.

These are today's mortgage and refinance rates. Mortgage rates hold steady as investors weigh the impact of tariffs on Canada, Mexico, and China.