With mortgage rates as low as they have been in nearly a year, is now the time to buy a house?

The U.S. housing market has been sluggish for years as homeowners locked into mortgage rates below 6% have put off any moves to avoid paying the higher costs associated with the current rates.

Stream Los Angeles News for free, 24/7, wherever you are. WATCH HERE

"The housing market has been in a deep freeze for about three years," NBC senior business correspondent Christine Romans said on TODAY on Sept. 11. "Signs of thawing? Maybe. You’ve got these mortgage rates falling a bit here."

Here's what to know if you're thinking about buying a home in the current market.

What is happening with mortgage rates?

The rate for a 30-year fixed mortgage has dropped to 6.35%, while the rate for a 15-ye

See Full Page