Mortgage rates fall for fifth week in a row, hover near 7%

Mortgage rates fell for a fifth consecutive week, hitting the lowest level since December but remaining elevated near 7%.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.85% from last week's reading of 6.87%. The average rate on a 30-year loan was 6.9% a year ago.

"The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points," said Sam Khater, Freddie Mac’s chief economist. "This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season."

The average rate on the 15-year fixed mortgage fell to 6.04% from 6.09% last week. One year ago, the rate on the 15-year fixed note averaged 6.29%.