Rates on 30-year mortgages in the U.S. fell by 1 basis point in the week ended June 2. At the same time, the decrease was observed for the third week in a row, according to data from the state mortgage corporation Freddie Mac.

The average interest rate on a 30-year mortgage fell to 5.09% in the latest week, down from 5.1% per annum a week earlier. A year ago, the rate was at 2.99%.

Fifteen-year loans now average 4.32% APR versus 4.31% a week earlier.

“Mortgage rates continued their weak decline this week, but remain significantly higher than a year ago, which is affecting real estate affordability and buyer demand,” said Freddie Mac Chief Economist Sam Khater. – ‘At the beginning of summer, the number of potential buyers is down, supply is up, and the housing market is normalizing. This is welcome news after a period of unprecedented market contraction over the past couple years.”

Based on the current 30-year mortgage rate on a $300,000 loan, the monthly payment is $1627, up $344 from late last year.

The rates do not take into account potential fees and other charges associated with the mortgage. Freddie Mac calculates average rates based on data from about 80 mortgage loan originators nationwide.