These are today's mortgage and refinance rates. Cooling CPI data allowed mortgage rates to trend down this week, and they could drop further this year.

Rates could rise again: Sure, a rate increase doesn't appear likely right now. But the economy is dynamic and any number of factors could cause the Fed to raise rates again and mortgage rates will follow. To get to their 2% target goal, a raise may be needed, so it makes sense to lock in a mortgage rate before that possibility becomes a reality.

Learn more Mortgage rates dropped this week to an average 7.02% for the 30-year fixed-rate loans, according to Freddie Mac. Although that marks their lowest levels in over a month, gone are the days of the under-3% mortgage.