Thirty-year mortgage rates fell this week to 6.26%, a small decline from 6.34% the week before, according to U.S. News data. Modest fluctuations in borrowing rates are to be expected at a time when homebuying activity tends to be slow and economic conditions are fairly stable. In December, the Consumer Price Index measured annual inflation at 2.7%, matching November’s reading. Based on this and other economic data, it’s unlikely the Federal Reserve will lower its benchmark interest rate when it gathers for its next policy meeting in late January. Generally, the Fed’s actions don’t drive mortgage rates up or down by much. Instead, mortgage rates tend to follow long-term trends like the 10-year Treasury yield, which has been holding steady this January.