Mortgage rates barely moved this week, but long-term notes declined to the lowest levels Americans have seen since 2022.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.08% from last week's reading of 6.09%. The average rate on a 30-year loan was 7.31% a year ago.

"Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years," said Sam Khater, Freddie Mac’s chief economist. 

"Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment," Khater said. "Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks."

Many would-be buyers and sellers are holding out to see if rates fall further. Currently, about 80% of mortgage holders have a rate below 5%, according to a Zillow survey.

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The average rate on the 15-year fixed mortgage rose slightly to 5.16% from 5.15% last week. One year ago, the rate on the 15-year fixed note averaged 6.72%.