Unfortunately, that's meant little improvement in terms of mortgage rates. In fact, the average 30-year rate now sits at nearly 7%, according to Freddie Mac — a far cry from the 6.08% rate we saw in early September as the Fed prepared for its first rate cut in years.

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.

See current 30-year refinance rates and how they've been trending. Find the lowest rates to save on your mortgage, lower your payments, or access home equity.

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 average rate on a 30-year mortgage in the U.S. eased for the third week in a row, a smidgen of relief for prospective home shoppers getting into the market before the busy spring homebuying season starts.

Rates on 15-year new purchase loans fell even more significantly last week, plunging 16 basis points to average 5.98% Friday. Like 30-year loans, 15-year rates sank to a two-year low in September, dropping as far as 4.97% (though the lowest Friday weekly average was 5.07%).

The mortgage rate drop provides little relief for prospective shoppers looking ahead to the spring homebuying season.

Refi rates have ticked down, lowering the 30-year rate average after two days of inching up. Rates for several other refi loan types also dropped Monday.