Mortgage rates are down for the third straight week, remaining in the high-6% territory.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark <a href="https://www.foxbusiness.com/category/mortgage" target="_blank" rel="noopener"><u>30-year fixed mortgage</u></a>&nbsp;ticked down to 6.87% this week from 6.95% last week. The average rate on a 30-year loan was 6.67% a year ago.

<div><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/343/192/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/686/384/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/672/378/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1344/756/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/931/523/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1862/1046/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/720/405/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1440/810/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/931/523/home-sale-6.jpg?ve=1&amp;tl=1" alt="home for sale with clouds overhead" width="100%" height="auto"></picture></div> <div><p><span>A home available for sale is shown on May 22, 2024 in Austin, Texas.&nbsp;</span><span> (Brandon Bell/Getty Images / Getty Images)</span></p></div>

The average rate on the 15-year fixed mortgage also decreased to 6.13% from 6.17% last week. One year ago, the rate on the 15-year fixed note averaged 6.03%.

Mortgage rates have fallen for the third consecutive week according to the latest Freddie Mac data, which showed rates for the 30-year fixed-rate note remain in the high six-percent range.{ai:summary}<p>Mortgage rates drop for third week, now around 6.87%. 15-year fixed also lower at 6.13%. Housing market shows mixed signals. #economy</p>

Mortgage rates decline for third straight week

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