Three weeks after sinking to the cheapest average in more than 16 months, but then rising back up, 30-year mortgage rates are back near their lowest point since April 2023.

According to data from the Mortgage Banker’s Association released Wednesday, mortgage rates fell to their lowest level since April 2023. And data from Freddie Mac is also showing how buyers are getting relief on their mortgage rates.

The Average rate for 30-year fixed mortgage now stands at 6.44%, the lowest in 16 months, according to the Mortgage Bankers Association.

US mortgage rates fell again last week to the lowest level since April 2023, spurring a modest pickup in applications to buy a home.

Applications for mortgages inched up last week as rates fell to the lowest level in 16 months. The 30-year mortgage rate fell for the fourth week in a row to the lowest level since April 2023 — but the response from home buyers,