Mortgage rates decline for third straight week

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 30-year fixed mortgage 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.

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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%.