Home buyers take note: long-term mortgage rates are now at their lowest level in almost three years.

Freddie Mac reported the 30-year, fixed-rate mortgage returned to a 3-year low, averaging 3.6%. The rate sits below last week’s average of 3.75% and is also a significant decline from its 2018 rate of 4.59%, according to the Freddie Mac Primary Mortgage Market Survey.

Long-term rates last dropped to this level in November 2016.

“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment," Freddie Mac's Sam Khater said in a release. "Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.

The 15-year Fixed Rate Mortgage averaged 3.05% this week, falling from last week’s 3.2%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.36%, retreating from last week’s rate of 3.46%. This rate is much lower than the same week in 2018 when it averaged 3.9%.

Note: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get.

Source: Freddie Mac