Mortgage rates, while still elevated, have fallen into the 6% to 7% range and should continue easing at a slow pace. But the road there could be long and bumpy. It's unlikely we'll see the average rate on a 30-year fixed mortgage drop below 6% in the next several months.

Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.

This uptick underscores the challenges facing the Federal Reserve, which began easing interest rates in September in response to declining price pressures and signs of a weaker labor market. The Fed slashed its benchmark rate by 0.

The Federal Reserve cut interest rates by a quarter-point on Thursday, even as mortgage rates have been rising since September.