The 30-year fixed-rate mortgage decreased for the fifth week in a row, falling to an average of 6.67% for the week of July 3, down 10 basis points from the previous week, according to data from Freddie Mac.

The 15-year fixed-rate mortgage also fell, reaching 5.8%, down from 5.89% the week before. A year ago, the 30-year mortgage rate was at 6.95% and the 15-year mortgage rate averaged 6.25%.

So far this year, 30-year mortgage rates peaked at 7.04% during the week of Jan. 16 before dropping to a low of 6.62% for the week of April 10. In the following weeks, rates rose again, peaking at 6.89% on May 29, before beginning their current five-week downward trajectory.

According to Morningstar, the decline is largely due to Treasury yields pulling back as investors believed there is an increasing possibility that the Federal Reserve will cut rates, possibly as early as this month.

“The average 30-year fixed-rate mortgage decreased for the fifth consecutive week. This is the largest weekly decline since early March,” said Sam Khater, Freddie Mac’s chief economist. “Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market, giving prospective buyers an advantage.”