Mortgage rates fell for the second straight week, with the average 30-year fixed mortgage dropping to 6.06%, the lowest level in more than three years, according to Freddie Mac.

The decline has already boosted purchase and refinance activity, signaling improving housing momentum ahead of the spring buying season.

The drop follows President Trump’s order for federal housing regulators to purchase $200 billion in Freddie Mac and Fannie Mae bonds, a move aimed at lowering borrowing costs.

Trump has also proposed banning large institutional investors from buying single-family homes, arguing that Wall Street firms have made homeownership less affordable, Fox Business has reported.

Analysts expect mortgage rates to remain in the low-6% range this year, supporting gradual—not rapid—improvement in home sales due to ongoing affordability challenges.