The economic factor that hits mortgage rates the worst is inflation. Inflation has been going crazy this year, and thus mortgage rates have been going significantly higher. This week the economic data shows inflation is cooling somewhat and mortgage rates are reacting accordingly, going down. Finally!
Other good things have been happening here in the US and in the world, so rates were already leveling off and dropping a little. This inflation data gave rates a nice push downward.
Rates got as high as 6.25% in some areas. Right now, on average, you will find mortgage rates around 5.625%-5.875% for a best-case-scenario conventional 30yr fixed rate. Of course many things affect a rate someone gets, such as credit score, loan to value, and the type of mortgage (purchase versus cash out refinance). But this is the average.