As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

These are today's mortgage and refinance rates. Mortgage rates have increased this month, and it's unclear if they'll drop much this year.

Despite hopes that the Federal Reserve’s interest rate cuts last year would drive down the borrowing rate for home loans, mortgage rates are hovering around 7%. A positive end-of-year jobs report is partly to blame,