The average rate on a 30-year fixed mortgage dropped to 6.06% as of January 15th from 6.16% in the previous week to the lowest since September 2022, according to data from Freddie Mac. “Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years. The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It appears that housing activity is improving and poised for a solid spring sales season,” said Sam Khater, Freddie Mac’s chief economist.