The rate on a 30-year fixed refinance decreased to 6.7% today, according to the Mortgage Research Center. For 15-year fixed refinance mortgages, the average rate is 5.66%, and for 20-year mortgages, the average is 6.

Rates on 30-year new purchase mortgages dropped for a fifth day Thursday, slipping another 3 basis points to create a week-long decline of 23 points. The current average of 6.60% establishes a new low point for this year, with the last time rates were cheaper being two weeks before Christmas.

Trump could order the Treasury Department to start buying mortgage-backed securities, like when the Federal Reserve bought roughly $1.45 trillion of MBSs during the Great Recession. That was popularly known as quantitative easing. Buying MBS can reduce mortgage rates by increasing competition and increasing mortgage market liquidity.

These are today's mortgage and refinance rates. Mortgage rates are way down today, but it's unclear if they'll stay this low.

Rewinding further, the 30-year average notched a high 7.37% last spring, so today's rates are significantly improved vs. 10 months ago. They're also nearly 1.38 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.

The current average mortgage rate on a 30-year fixed mortgage is 6.63% with an APR of 6.66%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.71% with an APR of 5.