A series of rate cuts from the Fed could help mortgage rates fall in the long term, but don't expect them in the near future.

While mortgage rates have fallen, they remain well above the rates enjoyed by most current homeowners, who may be reluctant to put their homes on the market and risk a much higher rate on their next mortgage. In turn, the market could continue to suffer from a lack of supply, making options limited and prices sticky.

These are today's mortgage and refinance rates. Mortgage rates dropped slightly after the Fed wrapped up its May meeting on Wednesday.