The current mortgage rate on a 30-year fixed mortgage fell by 0.14 percentage point in the last week to 6.97%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.

These are today's mortgage and refinance rates. Mortgage rates have eased thanks to cooler inflation data, but it's unclear if they'll drop further.

The average rate on the 30-year fixed-rate mortgage fell 12 basis points to 6.94% in the week ending Jan. 23, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point. The previous week had been the first time that the 30-year rate had inched above 7% since May.

The rate on a 30-year fixed refinance fell today. The average rate on a 30-year fixed mortgage refinance is 7.33%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.44%.

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.

The timing of your rate lock could save or cost you thousands of dollars. If you're in a bidding war or hoping to close quickly, you probably want to lock the rate.

These are today's mortgage and refinance rates. Mortgage rates may not fall as much as initially expected this year thanks to sticky inflation.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.