These are today's mortgage and refinance rates. Mortgage rates are nearly flat from a year ago, but it still could be a good time to buy.

“As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September,” says Freddie Mac Chief Economist Sam Khater. “The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move."

Most mortgage market observers began the year believing rates were more likely to rise than fall, but that hasn’t panned out. Rates ticked up slightly in early January but have fallen steadily since then in tandem with warning signs about the economy.

28/36 rule: Housing expenses (including mortgage payments, utilities, HOA fees and homeowners insurance) should be no more than 28% of your gross income and no more than 36% on debts overall. 30% rule: Keep monthly mortgage payments and other housing costs to no more than 30% of your take-home pay.

Mortgage lenders typically use risk-based pricing, which assesses the probability of default based on factors such as credit scores. In states with strong wages and economic stability, a larger portion of the population may be considered lower-risk borrowers. This can result in a lower average mortgage rate for those states.

More homes are expected to come onto the market as the spring homebuying season gets underway. Continued improvements in mortgage rates, which have declined for seven straight weeks, could lead to

U.S. mortgage rates dropped this week the largest percentage in six months. That's the word from Freddie Mac, which released its latest data. Freddie Mac reports the 30-year fixed mortgage rate averaged 6.

Mortgage rates have declined for seven consecutive weeks in a welcome shift for a housing market that has struggled with affordability challenges since the post