The supply of mortgages has dropped to the lowest level since 2014, according to one metric

There’s perhaps never been a better time to take out a mortgage — at least from an interest rate perspective. But finding a bank willing to lend to you may prove tricky these days.

The 30-year fixed-rate mortgage averaged 2.90% for the week ending Sept. 24, up three basis points from the week prior, Freddie Mac FMCC, -1.54% reported Thursday. Two weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.

The 15-year fixed-rate mortgage rose five basis points to an average of 2.4%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped six basis points to 2.9% on average.

A dovish outlook from the Federal Reserve — indicating that the central bank is likely to keep rates low for many years to come — has kept long-term bond yields low, including the 10-year Treasury note TMUBMUSD10Y, 0.698%. Mortgage rates historically roughly track the direction of the 10-year Treasury note, but since the coronavirus pandemic began, the spread between the two had widened. In recent weeks, though, the two have moved more in sync, with mortgage rates falling to meet the 10-year note.

Low mortgage rates have stoked the housing market, as they have compelled would-be buyers to speed up their timelines in order to lock in the cheap financing.