These are today's mortgage and refinance rates. Mortgage rates have been holding steady, and they might not drop as much as expected this year.

Homeownership remains a challenge as average mortgage rates hover north of 7%, home prices refuse to ease and an inventory shortage locks out buyers.Following his inauguration on Jan. 20, President Donald Trump signed an executive order on the cost-of-living crisis to pursue action to "lower the cost of housing and expand housing supply.

These are today's mortgage and refinance rates. Mortgage rates may not drop as much, or at all, if inflation doesn't continue to slow this year.

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.

The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

Mortgage rates are back above 7%, and that’s slowing an already sluggish housing market with potential buyers choosing to wait on the sidelines to start the year. Home sales have stalled in January, down 10% in the most recent week compared to a year ago,