The 30-year fixed-rate mortgage averaged 6.81% for the week of Nov. 27, down from last week’s mortgage rate of 6.84%, according to Freddie Mac’s Primary Mortgage Market Survey.

The 15-year fixed-rate mortgage continued to climb, hitting 6.10%, up from last week’s average of 6.02%. A year ago, the 30-year rate was at 7.22% and the 15-year mortgage rate hit 6.56%.

While the rate drop for the 30-year mortgage was small, the change still brought a sigh of relief for an industry that was worried mortgage rates would continue climbing to 7% or higher. Even before the interest rate drop, homebuyer activity had begun to pick up. The Mortgage Bankers Association (MBA) reported that weekly mortgage applications for the week ending Nov. 22 were up 6.3% from one week earlier. Applications for a mortgage to purchase a home increased 12% from one week earlier and were up a whopping 52% from the same week one year ago.

Rates have been bouncing up and down in recent months. After hitting a yearly low of 6.08% on the week of Sept. 26, following the Federal Reserve’s .50% rate cut, mortgage rates rose six straight weeks to 6.79%, and finally topped out at 6.84% on Nov. 21. The main reason for the rise is that rates track the 10-year U.S. Treasury yield, which initially rose in October because of strong economic indicators that could have led to a new round of inflation. Later in the fall, there were concerns that the incoming Trump administration’s economic agenda would be inflationary and balloon the national debt.

But in the past week, positive economic news appears to be changing attitudes. The 10-year Treasury yields have fallen 12 basis points in the past week, resulting in mortgage rates inching lower. Economic data just before Thanksgiving showed that inflation remained in line with expectations with the 12-month inflation rate at 2.3%. Excluding food and energy, which were flat or down for the past month, the inflation rate was up slightly at 0.3%, but still in line with expectations, as the 12-month rate reached 2.8%.

“The 30-year fixed-rate mortgage moved down this week, but not by much,” said Sam Khater, Freddie Mac’s chief economist. “Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”