Mortgage rates drop for first time in weeks, still hover near 7%

Mortgage rates declined for the first time in weeks, though they are still hovering near 7%, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.85% from last week's reading of 6.89%.

The average rate on a 30-year loan was 6.99% a year ago.

WHEN LEAVING THE HOUSE TO YOUR HEIRS BACKFIRES

"The average mortgage rate decreased this week...