The rate on a 30-year fixed refinance fell today. The average rate on a 30-year fixed mortgage refinance is 7.33%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.44%.

The timing of your rate lock could save or cost you thousands of dollars. If you're in a bidding war or hoping to close quickly, you probably want to lock the rate.

These are today's mortgage and refinance rates. Mortgage rates may not fall as much as initially expected this year thanks to sticky inflation.

The current mortgage rate on a 30-year fixed mortgage fell by 0.14 percentage point in the last week to 6.97%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.