These are today's mortgage and refinance rates. Mortgage rates are down as the Fed gears up to start lowering its benchmark rate by at least a quarter point.

The Fed is set to issue its first rate cut since 2020 this week. Here's how far mortgage interest rates could then drop.

Over the past couple of years, the US economy has wrung out inflation like dirty mop water from just about every sector — except for the housing market, which remains paralyzed by high prices and chronically low supply.