Mortgage rates inched down to their lowest level in six weeks, but the drop wasn’t enough to lure home buyers back into the game. The chill could be a sign of what’s to come during the spring home-buying season.

The current mortgage rate on a 30-year fixed mortgage rose by 0.01 percentage point in the last week to 6.92%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.

For his part, Lewis says mortgage rates are poised to drop in February, after climbing above 7% in January. “The direction of consumer prices will have the strongest effect on mortgage rates in February. The core inflation rate should decline further, giving bond yields and mortgage rates room to fall, but not by a lot,” says Lewis.

Mortgage rates pulled back ever so slightly this week, with the 30-year fixed rate averaging 7.02 percent, down from 7.03 percent the previous week, according to Bankrate’s latest lender survey. The Federal Reserve held off cutting rates last week and could stick with that stance until the inflation picture becomes clearer.