The current average mortgage rate on a 30-year fixed mortgage is 6.96% with an APR of 6.99%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.97% with an APR of 6.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) remained unchanged at 7.02%.

These are today's mortgage and refinance rates. Mortgage rates may only drop a little bit this year since the economy is still running strong.

Fixed rate mortgages have been increasing in price throughout January as lenders have been raising interest upwards on many products.

Mortgage rates pulled back slightly this week, with the 30-year fixed rate averaging 7.03 percent, down from 7.06 percent the previous week, according to Bankrate’s latest lender survey. The Federal Reserve held off cutting rates on Wednesday and could keep to that stance until the inflation picture becomes clearer.