Most mortgage market observers began the year believing rates were more likely to rise than fall, but that hasn’t panned out. Rates ticked up slightly in early January but have fallen steadily since then in tandem with warning signs about the economy.

The rate on a 30-year fixed refinance rose to 6.78% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.64%. On a 20-year mortgage refinance, the average rate is 6.

US mortgage rates declined last week to an almost three-month low, sparking lending activity for home refinancing and purchases in a welcome sign for the struggling housing market.

Mortgage demand for purchases was up 12%, and refinancing rose 37% from last week as rates dropped to their lowest levels since December.

The average rate on a 30-year mortgage in the U.S. eased for the sixth week in a row, a welcome boost in purchasing power for home shoppers just as the annual spring homebuying season gets going

The Mortgage Bankers Association reported a 20.4% mortgage application increase compared with one week ago. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $806,500 loan, last year’s payment was $140 more than this week’s payment of $5,161.

But there are signs that the mortgage rate climate could be cooling once again. Mortgage rates that plunged to 6.15% last September but then rose as inflation ticked up again in r

After falling every day for almost two weeks, 30-year mortgage rates have moved higher the last two days. Rates climbed for most other loan types as well.

Mortgage rates in the United States have continued their downward trend, providing potential relief for homebuyers as the spring market gains momentum. The decline, now in its seventh consecutive week,