Mortgage rates fell for the second week in a row, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.76% from last week's reading of 6.81%.
The average rate on a 30-year loan was 7.22% a year ago.
"In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first-quarter average of 6.83%," said Sam Khater, Freddie Mac's chief economist.
The average rate on the 15-year fixed mortgage dipped slightly to 5.92% from last week's reading of 5.94%. One year ago, the rate on the 15-year fixed note averaged 6.47%.
Americans have faced an affordability crisis and supply issues in the housing market for years, making it difficult for first-time homebuyers to enter the market.