Mortgage rates fall to lowest level in more than three years

The average 30-year fixed mortgage rate was 6.06% for the week ending January 15, according to Freddie Mac. The last time home borrowing rates were this low was September 2022.

Experts hope the drop could help ease the stalemate in the housing market.

“The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners,” said Sam Khater, Freddie Mac’s chief economist. “It’s clear that housing activity is improving and poised for a solid spring sales season.”