Mortgage rates dropped to the lowest rate since October of last year, and that pushed demand even higher last week, after a substantial jump the previous week.

Mortgage applications rose sharply last week as interest rates continued their downward trend, marking the sixth consecutive week of declines, according to the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey.

In recent weeks, mortgage rates have fallen ahead of the Federal Reserve’s March meeting, and the spring homebuying season is underway. Are rate cuts on the table for the year ahead, and how might factors

The average US 30-year mortgage rate declined for a sixth straight week to the lowest level since early December, sparking a pickup in purchase and refinancing activity.

Mortgage rates are on a downward trend, with the average rate on a 30-year fixed mortgage dropping from around 6.9% to the 6.6% range over the last month. But a shaky economy will likely keep the housing market frozen for a while.