Mortgage rates fell for the second week in a row, 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 6.27% from last week's reading of 6.3%.

The average rate on a 30-year loan was 6.44% a year ago.

"Importantly, homeowners have noticed these consistently lower rates, driving an uptick in refinance activity," said Sam Khater, Freddie Mac's chief economist. "Combined with increased housing inventory and slower house price growth, these rates also are creating a more favorable environment for those looking to buy a home."

The average rate on the 15-year fixed mortgage fell to 5.52% from last week's reading of 5.53%.

One year ago, the rate on

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