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 may not fall as much as initially expected this year thanks to sticky inflation.

After recently shooting up to the most expensive level since May, rates on 30-year loans have fallen considerably the last three days. Most other loan types also saw declines.