Mortgage rates fall for fifth straight week, lowest since mid-April

Mortgage rates fell for the fifth consecutive week to the lowest level since mid-April, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.67% from last week’s reading of 6.77%.

The average rate on a 30-year loan was 6.95% a year ago.

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“This is the largest weekly decline since early March,” said Sam Khater, Freddie Mac’s chief economist. “Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage.”

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The average rate on the 15-year fixed mortgage fell to 5.8% from last week’s reading of 5.89%. One year ago, the rate on the 15-year fixed note averaged 6.25%.