Mortgage rates are down for the second straight week, but still remain stubbornly high for many would-be buyers.

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 6.95% this week from 6.99% last week. The average rate on a 30-year loan was 6.69% 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, on 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 decreased to 6.17% from 6.29% last week. One year ago, the rate on the 15-year fixed note averaged 6.10%.

Mortgage rates fell for the second consecutive week, with the average 30-year fixed-rate mortgage declining to 6.95%. Rates remain stubbornly high for many would-be buyers.{ai:summary}<p>Mortgage rates drop slightly, but still too high for many buyers. Rates for 30-year fixed loans at 6.95%, down from last week. 15-year fixed rates also down to 6.17%. #economy</p>

Mortgage rates fall to 6.95%

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