MCLEAN, VIRGINIA (VINnews) — The average 30-year fixed mortgage rate declined for the second straight week, falling to 6.65%, Freddie Mac reported Thursday.

Freddie Mac’s Primary Mortgage Market Survey showed the benchmark rate dropped 2 basis points from 6.67% the prior week. A year earlier, the 30-year rate averaged 6.58%.

The 15-year fixed-rate mortgage averaged 5.95%, down from 5.96% last week. It stood at 5.69% a year ago.

“The 30-year fixed-rate mortgage declined this week averaging 6.65%,” said Sam Khater, Freddie Mac’s chief economist. “With a dip in rates providing modest relief for homebuyers, it’s important to remember borrowers can potentially save thousands by shopping around for the best mortgage rate.”

The weekly survey tracks conventional, conforming home-purchase loans for borrowers with excellent credit who make a 20% down payment. Results are released each Thursday and reflect rates from the prior Thursday through Wednesday.

Rates remain elevated compared with recent years even after the latest modest decline. The 30-year average had reached 6.69% earlier this month before the two-week drop. Homebuyers continue to face affordability pressures as housing costs stay high.