Mortgage rates drop for first time in weeks, still hover near 7%

Mortgage rates declined for the first time in weeks, though they are still hovering near 7%, 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 6.85% from last week’s reading of 6.89%.

The average rate on a 30-year loan was 6.99% a year ago.

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“The average mortgage rate decreased this week, which is welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow,” said Sam Khater, Freddie Mac’s chief economist.

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The average rate on the 15-year fixed mortgage slipped to 5.99% from last week’s reading of 6.03%. One year ago, the rate on the 15-year fixed note averaged 6.29%.

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