For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

The current mortgage rate on a 30-year fixed mortgage rose by 0.01 percentage point in the last week to 6.92%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.

Freddie Mac reports its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage averaged 6.89%, pulling back from the 7% level. “The 30-yea

Freddie Mac’s weekly rate survey shows the average rate on a 30-year fixed-rate loan was 6.89% for the week ending February 6. It’s the second week in a row rates have ticked lower. Despite the change,