WASHINGTON–The average rate on a 30-year mortgage in the U.S. fell slightly last  week as what is traditionally the busiest time of the year for the housing market.

According to Freddie Mac, the average rate on a 30-year mortgage fell to 6.65% from 6.67%. A year ago, the rate averaged 6.79%, Freddie Mac reported.

The decrease was the first in the average rate after rising two weeks in a row. Overall, the average rate has been mostly trending lower since mid-January, when it climbed to just over 7% — a welcome trend for aspiring homebuyers struggling to afford a home after years of soaring home prices.

Meanwhile, Freddie Mac said borrowing costs on 15-year fixed-rate mortgages, which is popular with homeowners looking to refinance, rose this week, however, pushing the average rate to 5.89% from 5.83% last week. A year ago, it averaged 6.11%, Freddie Mac said.

What’s Affecting Rates

As analysts have noted, the overall decline this year in the average rate on a 30-year mortgage loosely follows the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The yield, which was nearing 4.8% in mid-January, has mostly fallen since then, reflecting rising unease over the Trump administration’s growing tariffs, analysts added.  The yield was at 4.37% on Thursday.