close video Housing is increasingly becoming a buyer’s market: Danielle DiMartino Booth

QI Research CEO and chief strategist Danielle DiMartino Booth breaks down the housing market after building permits unexpectedly increased on ‘Making Money.’

Mortgage rates fell for a fifth consecutive week, hitting the lowest level since December but remaining elevated near 7%.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.85% from last week's reading of 6.87%. The average rate on a 30-year loan was 6.9% a year ago.

A “for sale” sign hangs in front of a house in Patchogue, New York. (Steve Pfost/Newsday RM via Getty Images / Getty Images)

"The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points," said Sam Khater, Freddie Mac’s chief economist. "This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season."

The average rate on the 15-year fixed mortgage fell to 6.04% from 6.09% last week. One year ago, the rate on the 15-year fixed note averaged 6.29%.