Interest rates are now at their lowest level in more than a year.

Freddie Mac reported 4.28 percent with an average 0.4 point as the average for a 30-year mortgage on Thursday, down three basis points from last week. A year ago, rates came in at 4.45 percent.

“Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front,” Freddie Mac’s Sam Khater said in a release. “The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”

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