These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but where they go next depends on incoming economic data.

"While we may see mortgage rates drop modestly in December, anyone expecting a significant change for the better may be disappointed," says Darren Tooley, senior loan officer at Cornerstone Financial Services. Change likely isn't on the horizon for a few reasons, according to Tooley.

Mortgage rates remain elevated relative to the levels seen in September and early October, but they've definitely moved down a bit from their recent highs.  Thanksgiving week saw the lowest daily average rate in exactly a month,

When it comes to lowering mortgage rates, changes in the labor market may have the biggest influence. Here's why.