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.

Refinance activity was up 16% from the end of February while purchase applications rose mildly, on the strength of fading rates amid larger economic woes.

Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

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.

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