Washington, DC CNN  — 

US mortgage rates ticked down for the second week in a row, but remain above 7%.

It’s the fourth consecutive week rates have been above 7% as inflation pressure lingers.

The 30-year fixed-rate mortgage averaged 7.12% in the week ending September 7, down from 7.18% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.89%, the last time the weekly average has been under 6%.

The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. The data was collected during a holiday-shortened week.

Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to its lowest level in nearly four decades. Buying a home is more expensive because of the added cost of financing the mortgage and rising home prices.

“The economy remains buoyant, which is encouraging for consumers,” said Sam Khater, Freddie Mac’s chief economist.

But it isn’t good news for inflation, which needs to drop further in order for mortgage rates to come down.

Even through inflation has started to ease, strong economic data has continued to keep mortgage rates elevated this week, Khater said. That is straining potential homebuyers who have seen their purchasing power dwindle.

The combination of low inventory and high costs has squeezed would-be homebuyers and sent home sales lower than last year.

This story is developing and will be updated.