Mortgage rates saw their biggest weekly drop in about a year.

<div class="block">Mortgage rates saw their biggest weekly drop in about a year.</div>

Need2Know Headlines

Mortgage Rates See Biggest Weekly Drop in About a Year

And mortgage rates have seen their biggest weekly drop in about a year. Data from Freddie Mac shows the average rate for a 30 year fixed mortgage fell to 7.5% this past week. That's down from about 7.8%. The previous week rate is still higher than the 7.1% rate a year ago. Freddie Mac's chief economist says many consumers are feeling strained by the high cost of living. So unless mortgage rates decrease significantly, the housing market will remain stagnant.