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.

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.

Mortgage rates were little changed this week as financial markets reacted to President-elect Donald Trump’s slate of Cabinet picks.

Pending home sales increased in October as house hunters reacted to increased property inventory and confidence over economic conditions.

Mortgage rates dropped last week, and homebuyers jumped off the fence. They drove total mortgage demand up 6.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

"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