Mortgage rates fall slightly to 6.86%

Mortgage rates ticked down for the fourth straight week, but remained in the high-6% territory as the housing market continues to stall amid high rates and high home prices.

Mortgage rates were mixed this week with the standard 30-year note declining slightly for the fourth consecutive reading, while shorter-term rates ticked up a bit.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.86% this week from 6.87% last week. The average rate on a 30-year loan was 6.71% a year ago.

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The average rate on the 15-year fixed mortgage, on the other hand, increased to 6.16% from 6.13% last week. One year ago, the rate on the 15-year fixed note averaged 6.06%.

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