Current mortgage rates are down today but higher than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate so far this year.

People held back on applying for new mortgages despite rates dropping to a 10-month low, but there were other loans which benefitted.