<a href="https://www.foxbusiness.com/category/home-mortgage" target="_blank" rel="noopener"><u>Mortgage rates</u></a> dipped slightly this week for the first time since March, but remain above 7% as a home affordability crisis maintains its grip on the housing 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;declined to 7.09% this week from 7.22% last week. The average rate on a 30-year loan was 6.35% 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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/686/384/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1344/756/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1862/1046/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1440/810/home-sale-5.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-5.jpg?ve=1&amp;tl=1" alt="home for sale" width="100%" height="auto"></picture></div> <div><p><span>A "New Listing" sign outside a home in Napa, California, US, on Monday, May 6, 2024.</span><span> (David Paul Morris/Bloomberg via Getty Images / Getty Images)</span></p></div>

The average rate on the 15-year fixed mortgage dropped to 6.38% from 6.47% last week. One year ago, the rate on the 15-year fixed note averaged 5.75%.

The average rate for a 30-year fixed-rate mortgage declined this week for the first time since March to 7.09% as home affordability continues to stifle the housing market.{ai:summary}<p>High mortgage rates ease slightly but still above 7%, continuing housing market struggle. Freddie Mac reports 30-year fixed rate at 7.09%. 15-year fixed rate also drops slightly. #economy</p>

Mortgage rates tick down to 7.09%

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