Current mortgage rates are down from yesterday and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until recently.

If you've been waiting for rates to drop to refinance a 8% mortgage, your time has come.

"Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years," said Sam Khater, Freddie Mac's chief economist.