Mortgage rates hit lowest level

(CNN)– The standard, 30-year fixed mortgage rate hit its lowest level in 2 years. The average rate reached 6.8% this week.

That’s according to mortgage financing provider Freddie Mac. Mortgage rates have been steadily dropping since the Spring.

Application numbers indicate Americans are taking advantage of falling mortgage rates.

According to the Mortgage bankers Association, applications to refinance a mortgage soared 20% last week from the prior week.