After falling for four days and then holding at that level for another day, rates on 30-year mortgages added points Thursday, as did most other loan types.

These are today's mortgage and refinance rates. Mortgage rates may not fall as much as initially expected this year thanks to sticky inflation.

The average rate on a 30-year mortgage in the U.S. eased this week to just below 7%, its first decline after climbing five weeks in a row. The rate fell to 6.96% from 7.04% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.69%.

After recently shooting up to the most expensive level since May, rates on 30-year loans have fallen considerably the last three days. Most other loan types also saw declines.

"While I'd love to say rates will drop below 6% in 2025, I think it's a moderate probability and not a certainty," says Steven Parangi, a licensed mortgage loan originator and owner of Alpine Mortgage Services. His view aligns with the Mortgage Bankers Association's prediction that rates will stay between 6% and 7% throughout the year.

Higher interest rates add to problems with affordability that have hammered the housing market for the last two years. Prices have continued to climb despite slower sales volume, posting 17

The average rate on a 30-year mortgage in the U.S. eased this week to just below 7%, its first decline after climbing five weeks in a row