Mortgage rates declined for the third consecutive week, dropping below 7% for the first time in over a month amid ongoing home affordability challenges.

According to Freddie Mac’s latest Primary Mortgage Market Survey released Thursday, the average rate on a 30-year fixed mortgage fell to 6.94% from 7.02% last week.

A year ago, the rate was 6.57%, Fox Business reported.

The average rate on a 15-year fixed mortgage also decreased, reaching 6.24% from 6.28% last week, compared to 5.97% a year ago.

Written by B.C. Begley