Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline

The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, a welcome trend for prospective homebuyers during what's typically a less competitive time of the year for the housing market.

The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.84% from 5.96% last week. A year ago, it averaged 6.38%, Freddie Mac said.

The average rate on a 30-year mortgage is now at its lowest level since Oct. 24, when it was at 6.54%.