Long-term mortgage rates are now at their lowest level in three years.

On Thursday, Freddie Mac reported 3.49 percent with an average 0.5 point as the average for a 30-year mortgage. Rates fell below 3.5 percent for the first time since October 2016.

“Mortgage rates continued the summer swoon due to weaker economic data,” Freddie Mac’s Sam Khater said in a release. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

SOURCE: UrbanTurf