Solar magnetic activity follows regular cycles of about 11 years with an inversion of polarity in the poles every ∼22 years. This changing surface magnetism impacts the properties of the acoustic modes. The acoustic mode frequency shifts are a good proxy of the magnetic cycle. In this Letter we investigate solar magnetic activity cycles 23 and 24 through the evolution of the frequency shifts of low-degree modes (ℓ = 0, 1, and 2) in three frequency bands. These bands probe properties between 74 and 1575 km beneath the surface. The analysis was carried out using observations from the space instrument Global Oscillations at Low Frequency and the ground-based Birmingham Solar Oscillations Network and Global Oscillation Network Group. The frequency shifts of radial modes suggest that changes in the magnetic field amplitude and configuration likely occur near the Sun’s surface rather than near its core. The maximum shifts of solar cycle 24 occurred earlier at mid and high latitudes (relative to the equator) and about 1550 km beneath the photosphere. At this depth but near the equator, this maximum aligns with the surface activity but has a stronger magnitude. At around 74 km deep, the behaviour near the equator mirrors the behaviour at the surface, while at higher latitudes, it matches the strength of cycle 23.