Mortgage rates have plummeted to their lowest levels since October, with the average rate on a 30-year mortgage dropping significantly to 6.54%. This decline has prompted homeowners to rush to refinance, resulting in a 23% increase in refinancing demand. The recent fluctuations in mortgage rates are influenced by various economic factors, including inflation and employment news. As a result, there are predictions of continued downward trends in rates, offering potential homebuyers a favorable opportunity in the market.