For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

Mortgage rates fell slightly again this week but long-term rates remain in the upper-6% range as the housing market continues to drag, waiting for greater declines.

According to the latest data from Freddie Mac’s Primary Mortgage Market Survey, the average 15-year fixed mortgage rate is currently around 6.00%. That’s nearly a full percentage point lower than the average 30-year fixed mortgage rate, which is sitting in the upper 6.00% range.

Mortgage rates fluctuate daily, so a little volatility can always be expected. On Monday, the average rate on a 30-year fixed mortgage was around 6.96%, according to Bankrate data, which is 0.15% lower than January's peak of 7.11%. But February could see more turbulence than usual.

The current mortgage rate on a 30-year fixed mortgage rose by 0.01 percentage point in the last week to 6.92%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.