A well-qualified borrower in California can lock down a 30-year fixed rate mortgage at 5.99% with 1-point cost.

It was July 2024 — 13 months ago — when the rate was this low.

That’s also for a loan up to $806,500 also known as a Fannie Mae or Freddie Mac conforming mortgage.

Meanwhile, this week the Freddie Mac 30-year fixed rate averaged 6.58%, its lowest level since October 2024, dropping 5 basis points from last week.

“Mortgage rates fell to their lowest level since October,” said Sam Khater, chief economist at Freddie Mac. “Purchase application activity is improving as borrowers take advantage of the decline in mortgage rates.”

Consumers are taking note. The Mortgage Bankers Association reported a 10.9% loan application increase from the previous week. And the MBA refinance index

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