“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” says Freddie Mac Chief Economist Sam Khater. “The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move."

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.

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 recent months are now heading down again.

Mortgage rates are falling, and some homeowners are racing to refinance. How much can the average homeowner save by refinancing? It depends on where they are starting from.

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.

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.

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,