The current mortgage rate on a 30-year fixed mortgage fell by 0.03 percentage point in the last week to 7.05%, according to Curinos. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.05 percentage point during the same period to 6.

Last week's job report queues up another rate cut by the Fed. But will that be enough to push mortgage rates meaningfully lower?

Mortgage rates dipped again last week, causing a 27% rise in mortgage refinance applications. Editor-in-Chief at Investopedia Caleb Silver explains why mortgage rates are lowering.

The rate on a 30-year fixed refinance increased today. The current 30-year, fixed-rate mortgage refinance rate is averaging 7.12%, according to Curinos, while 15-year, fixed-rate refinance mortgages average of 6.