<a href="https://www.foxbusiness.com/category/home-mortgage" target="_blank" rel="noopener"><u>Mortgage rates</u></a> declined for a second consecutive week but remain above 7% as a home affordability crisis maintains its grip on the housin<u>g</u> market.

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;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.

<div><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/343/192/home-sale-4.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/686/384/home-sale-4.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/2024/04/672/378/home-sale-4.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/1344/756/home-sale-4.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/2024/04/931/523/home-sale-4.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/1862/1046/home-sale-4.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/720/405/home-sale-4.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/1440/810/home-sale-4.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/04/931/523/home-sale-4.jpg?ve=1&amp;tl=1" alt="home for sale" width="100%" height="auto"></picture></div> <div><p><span>A recently sold home in the Issaquah Highlands area of Issaquah, Washington, US, on Tuesday, April 16, 2024.</span><span> (David Ryder/Bloomberg via Getty Images / Getty Images)</span></p></div>

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%.

Mortgage rates are down for the second week in a row, with the 30-year fixed rate averaging 7.02% and the 15-year note falling to 6.28% as the housing affordability crisis drags on.{ai:summary}<p>Mortgage rates dip slightly, but remain high at 7% amid ongoing housing affordability crisis. Freddie Mac's latest report shows slight decrease in average rates for 30-year fixed and 15-year fixed mortgages. #economy</p>

Mortgage rates drop for second straight week to 7.02%

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