Today, the mortgage interest rate on a 30-year fixed mortgage is 6.98%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 6.05%. On a 30-year jumbo mortgage, the average rate is 7.

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"This week’s higher-than-expected inflation rate suggests that Fed rate cuts will be delayed, potentially until the summer," said Lisa Sturtevant, chief economist for Bright MLS, a database of properties for sale in the mid-Atlantic region, in an email. She expects rates to remain in the high 6s as we head into the homebuying season.