The current average mortgage rate on a 30-year fixed mortgage is 6.55%, according to the Mortgage Research Center. The average rate on a 15-year mortgage is 5.64%, while the average rate on a 30-year jumbo mortgage is 6.

Trump could order the Treasury Department to start buying mortgage-backed securities, like when the Federal Reserve bought roughly $1.45 trillion of MBSs during the Great Recession. That was popularly known as quantitative easing. Buying MBS can reduce mortgage rates by increasing competition and increasing mortgage market liquidity.

My husband and I had put off buying our "forever home" for some time, holding onto our smallish condo with the 2.75% mortgage rate we scored during the pandemic. Over the last few years, we've watched supply remain stagnant while property values continue their steady upward march.

These are today's mortgage and refinance rates. Mortgage rates are down this week. If you're thinking about buying, now could be a good time to do so.