Current mortgage rates are down and lower 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.

With refi rates dropping to their lowest level since March, homeowners with a pricey mortgage may have the opportunity to refinance to more affordable monthly payments.

Mortgage rates closely track the movement of 10-year treasuries. "These 10-year treasury rates are going to directly translate into lower mortgage rates, part of which we're observing in the recent data,