Mortgage rates declined for a second consecutive week but remain above 7% as a home affordability crisis maintains its grip on the housing market.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 7.02% this week from 7.09% last week. The average rate on a 30-year loan was 6.39% a year ago.
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The average rate on the 15-year fixed mortgage also fell to 6.28% from 6.38% last week. One year ago, the rate on the 15-year fixed note averaged 5.75%.
