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.

These are today's mortgage and refinance rates. Mortgage rates are down slightly as markets weigh the impact of Trump's pick for Treasury secretary.

Home buyers may have to wait until 2025 for mortgage rates to decrease. The average 30-year mortgage rate rose to 6.84% last week, continuing its consistent weekly increase since September. The housing market during the past two years doesn’t yet appear to be gathering major momentum.

"At this point, 6% mortgage rates by the end of 2024 seem unlikely," said Jacob Channel, senior economist at Lending Tree. "The uncertainty brought about by the results of the pre