Mortgage rates declined for a third consecutive week, falling below 7% for the first time in over a month 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 dropped to 6.94% this week from 7.02% last week. The average rate on a 30-year loan was 6.57% a year ago.

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The average rate on the 15-year fixed mortgage also fell to 6.24% from 6.28% last week. One year ago, the rate on the 15-year fixed note averaged 5.97%.