Mortgage rates dropped to a below 7% mark for the first time in over a month, which coupled with a greater supply is an encouraging sign for the housing market, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.94% as of May 23, down from 7.02% last week and higher than 6.57% in the same period a week ago.
15-year fixed-rate mortgages averaged 6.24%, compared to 6.28% a week ago and 5.97% a year ago.