The average 30-year fixed mortgage rate fell to 6.06 percent this week, down from 6.16 percent last week and the lowest level since September 2022, according to Freddie Mac. A year ago, the 30-year fixed rate averaged 7.04 percent.

Mortgage rates dropped markedly at the end of last week, causing a huge jump in demand to refinance and a smaller surge in demand from homebuyers.

Mortgage application activity rebounded sharply last week as falling interest rates reignited refinance demand and kept homebuyers active, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 9,

Refinancing your home equity loan can cut thousands in interest — especially if you're stuck with rates from 2023's spike. Here's how to decide if it's right for you.