India, Feb. 24 -- Mortgage rates have fallen to their lowest levels in nearly three years, prompting many homeowners to reconsider refinancing. According to Freddie Mac, the average 30-year fixed mortgage rate recently dropped to about 6.01%, a level not seen since September 2022.

Analysts cited by Norada Real Estate Investments attribute the decline to easing inflation pressures and shifting economic expectations, both of which can reduce borrowing costs.

Lower borrowing costs can translate into reduced monthly payments and lower lifetime interest expenses. Norada Real Estate Investments reported that refinance activity has more than doubled compared with the same period last year.

For homeowners with mortgage rates above 7%, refinanc...