Mortgage rates have fallen more than a quarter of a percentage point (0.25%) since mid-January. The average rate on a 30-year fixed mortgage is around 6.75%, down from 7.13% just six weeks ago, according to Bankrate data.

Homebuyers can breathe a small sigh of relief, as mortgage rates are declining. Freddie Mac data released Thursday showed that “the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September.

Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.