WASHINGTON–Mortgage rates at the end of last week fell for the second week in a row, according to Freddie Mac.

The secondary market giant said its Primary Mortgage Market Survey revealed that the average rate on the benchmark 30-year fixed mortgage fell to 6.76% from the prior week’s reading of 6.81%.

The average rate on a 30-year loan was 7.22% a year ago.

“In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first-quarter average of 6.83%,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

15-Year Dips

According to Freddie Mac, the average rate on the 15-year fixed mortgage dipped slightly to 5.92% from last week’s reading of 5.94%. One year ago, the rate on the 15-year fixed note averaged 6.47%, the company said. 

A housing shortage remains in place in much of the U.S., with a supply gap of 3.8 million homes, according to a Realtor.com report  in March.