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 been elevated recently, and they might not drop much this year.

The average rate on a 30-year fixed mortgage reached 7.04% for the week ending January 16 — the highest level since May.

Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges.

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.