Interest rates fell to 6.63% this week for a 30-year fixed rate mortgage, down 0.13% from the week before when rates averaged 6.76%, according to Freddie Mac. This is largest weekly decline since September.

The drop in rates should be good news as the homebuying season gets underway, said Sam Khater, Freddie Mac’s chief economist, in a statement. This is the seventh week in a row that mortgage rates have declined.

“The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move,” Khater said. “Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance.”

He pointed to the share of refinances which grew to 44% of total mortgage applications last week, the highest share since mid-December.

Overall, mortgage applications jumped more than 20% last week when rates declined 0.9%, according to the Mortgage Bankers Association.

The 6.63% interest rate is the lowest rate for the 30-year fixed since mid-December. A year ago, the 30-year rate averaged 6.88%.

The 15-year fixed rate mortgage averaged 5.79% last week, down from 5.94% from a week prior. Last year, the 15-year rate averaged 6.22%.