Mortgage rates drop below 3% again — offering opportunities to buyers and homeowners

The recent dip in mortgage rates has led to an increase in refinancing activity, giving homeowners another chance to reduce their monthly payments

Rates on home loans have dropped steadily this month, giving home buyers and homeowners alike a chance to lock in cheaper financing. GETTY IMAGES

Mortgage rates slid below the 3% mark once again, giving both existing homeowners and prospective buyers the chance to lock in historically low interest rates in a competitive housing market.

The 30-year fixed-rate mortgage averaged 2.97% for the week ending April 8, down seven basis points from the previous week, Freddie Mac FMCC, +1.27% reported Thursday. The rate on the 30-year loan has fallen 20 basis points since reaching the highest level since June of last year back at the end of March.