These are today's mortgage and refinance rates. Mortgage rates have been elevated recently, and they might not drop much this year.

After recently shooting up to their highest level since May, rates on 30-year mortgages have moved the other way—falling four days in a row. Most other loan rates also dropped.

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

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 eased thanks to cooler inflation data, but it's unclear if they'll drop further.