Global economic conditions and geopolitical events can also influence mortgage rates through their impact on the bond market. For example, during periods of uncertainty, investors tend to flock to the safety of the U.S. Treasury bonds, driving yields down and typically leading to lower mortgage rates.

“Even by the end of next year, it’s hard to see sub 6 percent mortgage rates,” said Mark Fleming, chief economist at First American, which predicts the average rate on a 30-year mortgage will range between 6% and 6.5% next year, per a report from The Hill.

These are today's mortgage and refinance rates. Mortgage rates are flat, but incoming job market and inflation data could push them up or down.