These are today's mortgage and refinance rates. Mortgage rates inched down last week, but they won't drop substantially until inflation slows further.

However, it now appears unlikely that mortgage rates will drop in May. At its May 1st meeting, the Federal Reserve opted to pause interest rate hikes and leave the federal funds rate at 5.25% to 5.50%, its highest level since 2001.

These are today's mortgage and refinance rates. Mortgage rates have gone down slightly this week in response to softer-than-expected labor market data.