These are today's mortgage and refinance rates. Mortgage rates are down thanks to lower inflation and market fears of an economic slowdown.

The post The 5 Cities Where Homeowners Are Taking Advantage of Lower Mortgage Rates appeared first on Real Estate News & Insights | realtor.com®.

Rates on 30-year new purchase mortgages dropped for a sixth day Thursday, ticking down 1 basis point to an average of 6.59%. In the past six days, the flagship rate has shed 24 points. The current average of 6.59% establishes a new low point for this year.

Mortgage rates fell for the sixth week in a row, offering some financial relief to prospective home buyers. The 30-year mortgage rate averaged 6.76% as of Feb. 27, the lowest rate in over two months,

"This week, mortgage rates decreased to their lowest level in over two months," says Freddie Mac Chief Economist Sam Khater. "The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home."

Rates on 30-year new purchase mortgages dropped for a fifth day Thursday, slipping another 3 basis points to create a week-long decline of 23 points. The current average of 6.60% establishes a new low point for this year, with the last time rates were cheaper being two weeks before Christmas.