U.S. mortgage rates fall below 7% for first time since early April

Mortgage rates in the U.S. dipped below seven per cent for the first time in more than a month.

The average for a 30-year, fixed loan was 6.94 per cent, down from 7.02 per cent last week, Freddie Mac said in a statement Thursday. It was the third straight week of declines.

The market normally kicks into high gear during this time of year when warmer weather draws more people out for open houses. But mortgage rates hovering close to seven per cent and prices that keep climbing are preventing many buyers from being able to afford properties. 

It’s weighing on sales, with transactions for previously owned homes falling in April for a second straight month and new home sales down as well.