“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."

The rate on a 30-year fixed refinance rose to 6.78% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.64%. On a 20-year mortgage refinance, the average rate is 6.

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.