The average rate on a 30-year fixed-rate mortgage remained nearly unchanged this week but reached its lowest level in two years, Yahoo Finance reports.

Thirty-year mortgage rates averaged 6.08% as of Thursday, down from 6.09% the previous week, according to Freddie Mac data.

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Average 15-year mortgage rates rose one basis point to 5.16%.

With mortgage rates hovering around 6%, potential buyers are cautiously returning to the market, and some homeowners who purchased when interest rates exceeded 7% are considering refinancing. Mortgage applications surged to their highest level in more than two years last week, largely driven by refinancing volumes.

“Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”

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Thirty-year mortgage rates have fallen more than a percentage point since May. The Pending Home Sales Index, which measures housing contract activity, rose 0.6% to 70.6 in August, slightly improving from July’s record-low reading, according to the National Association of Realtors. A level of 100 indicates the contract activity seen in 2001.

“Buyers are finally getting more comfortable with the rate,” said Selma Hepp, chief economist at real estate data provider CoreLogic. “I don’t think that’s going to mean a big boost for home sales this year given how low they’ve been so far, but still, it’s a little bit of improvement.”

Read more at Yahoo Finance.