Mortgage rates dipped just under 7% this week after crossing above that threshold in the prior reading as rates remain stubbornly high, stifling 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 ticked down to 6.99% this week from 7.03% last week. The average rate on a 30-year loan was 6.71% a year ago.
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The average rate on the 15-year fixed mortgage also decreased to 6.29% from 6.36% last week. One year ago, the rate on the 15-year fixed note averaged 6.07%.
