These are today's mortgage and refinance rates. Mortgage rates dropped a lot ahead of September's Fed cut. But it's unclear how much further they'll fall.

In the first week of January, mortgage rates averaged around 6.62%, already elevated compared to historical norms. By late March, they had surged to 6.94%, and by the first week of May, they had reached their peak for the year at 7.22% — up by about 0.6% from the start of 2024.