Mortgage rates fell for the fourth consecutive week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage decreased to 6.17% from last week's reading of 6.19%.

The average rate on a 30-year loan was 6.72% a year ago.

"The last few months have brought lower rates and homebuyers are increasingly entering the market," said Sam Khater, Freddie Mac’s chief economist.

The average rate on the 15-year fixed mortgage fell to 5.41% from last week's reading of 5.44%.

One year ago, the rate on the 15-year fixed note averaged 5.99%.

The declines come a day after the Federal Reserve announced its second interest rate cut of the year. Fed policymakers voted to lower t

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