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.

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

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.

The average rate on the 30-year fixed-rate mortgage fell 12 basis points to 6.94% in the week ending Jan. 23, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point. The previous week had been the first time that the 30-year rate had inched above 7% since May.