Mortgage rates in the U.S. extended their decline, reaching the lowest point in almost a year.

The average for 30-year, fixed loans was 6.26%, the lowest since early October and down from 6.35% last week, Freddie Mac said in a statement.

Borrowing costs have fallen significantly enough in the past couple of months to spur a surge in refinancing, with the Mortgage Bankers Assn.’s measure of activity jumping to the highest level since early 2022.