The average rate on a 30-year mortgage in the U.S. declined for the third week in a row, another positive move for prospective homebuyers during what’s traditionally the housing market’s busy season.

The rate fell to 6.62% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.88%.

The average rate has mostly trended lower since reaching just over 7% in mid-January. When mortgage rates decline, they boost homebuyers’ purchasing power.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, were unchanged from last week. The average rate remained at 5.82%, but is down from 6.16% a year ago, Freddie Mac said. — Associated Press