These are today's mortgage and refinance rates. Mortgage rates have increased in recent months, though they should drop a bit next year.

Any incoming economic data that beat markets' expectations, such as hotter inflation or lower unemployment, reduces the likelihood of cuts and will maintain upward pressure on mortgage rates, said Nicole Rueth, SVP of the Rueth Team Powered by Movement Mortgage.

The rate on a 30-year fixed refinance slipped today. Refinancing rates for a 30-year, fixed-mortgage are averaging 7.31%, according to Curinos. For 15-year fixed mortgages, the average refinance rate is 6.

The interest rate market continues the healing process after taking heavy damage in October.  During the course of that month, the average top tier conventional 30yr fixed rate increased more than 0.