Mortgage rates tick down, still stuck near 7%

Mortgage rates fell slightly this week but are still hovering around 7%, remaining uncomfortably high for many would-be buyers.

Freddie Mac's latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.89% this week from 6.95% last week. The average rate on a 30-year loan was 6.96% a year ago.

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The average rate on the 15-year fixed mortgage also declined, dropping to 6.17% from 6.25% last week. One year ago, the rate on the 15-year fixed note averaged 6.30%.