Here’s welcome news for home shoppers: Borrowing costs got cheaper this week. Mortgage rates are back under 3% for the first time in weeks.

The drop in mortgage rates is good news for home buyers and homeowners, says Sam Khater, Freddie Mac’s chief economist. “Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market,” Khater said. “Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.”

Freddie Mac reports the following national averages with mortgage rates for the week ending April 22:

*30-year fixed-rate mortgages: averaged 2.97%, with an average 0.7 point, falling from last week’s 3.04% average. Last year at this time, 30-year rates averaged 3.33%.

*15-year fixed-rate mortgages: averaged 2.29%, with an average 0.6 point, dropping from last week’s 2.35% average. A year ago, 15-year rates averaged 2.86%.

Source: “Instant Reaction: Mortgage Rates, April 22, 2021,” National Association of REALTORS® Economists’ Outlook blog (April 22, 2021) and Freddie Mac