These are today's mortgage and refinance rates. Mortgage rates may not fall much this year unless inflation shows further signs of slowing.

Policy changes: When the Fed adjusts the federal funds rate, it spills over into many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit.

The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.