Mortgage rates tick down to 7.09%

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.

Mortgage rates 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 30-year fixed mortgage 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.

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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%.