These are today's mortgage and refinance rates. Mortgage rates have ticked down, but they won't drop much further until inflation slows.

Tight conditions are squeezing buyers across the country. In Westchester County, New York, real estate agent Pamela Grunstein is navigating a market that has 1.6 months of supply – a far cry from the 6 months or so that’s long been considered the sign of an evenly balanced market.

Mortgage rates fell for a second straight week, dropping the flagship average to a new 10-week low. Rates on new 30-year fixed-rate loans averaged 6.75% on Friday—more than a third of a percentage point lower than the weekly peak of 7.