Mortgage refinance rates edged down again today, giving some relief to homeowners looking to lock in better terms. According to data, 30-year refinance rates fell to 6.6%, continuing a downward trend for August. Here’s a breakdown of today’s average rates by loan type:

Mortgage rates haven’t been this low since mid-October 2024. However, some perspective is in order: For the past nine months, rates have moved in a narrow range. These declines aren’t like the sharp drops seen early in the pandemic, or the big jumps that came in 2022 and 2023, as the Federal Reserve aggressively boosted interest rates.