The current average mortgage rate on a 30-year fixed mortgage is 6.63% with an APR of 6.66%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.71% with an APR of 5.

Trump could order the Treasury Department to start buying mortgage-backed securities, like when the Federal Reserve bought roughly $1.45 trillion of MBSs during the Great Recession. That was popularly known as quantitative easing. Buying MBS can reduce mortgage rates by increasing competition and increasing mortgage market liquidity.

Despite the recent improvement, things were better in September, when the 30-year average plunged to a two-year low of 5.89% (the cheapest Friday average being 6.03%). But rates bolted higher in October and November and then took additional steps higher around Christmas and in January.

These are today's mortgage and refinance rates. Mortgage rates are the lowest they've been since December, but it's unclear where they'll go next.

Mortgage rates in the US dropped for a sixth week, falling to the lowest level in more than two months. The average for 30-year loans was 6.76%, down from 6.85% last week, Freddie Mac said in a statement.