The average rate on a 30-year mortgage in the U.S. eased this week to just below 7%, its first decline after climbing five weeks in a row. The rate fell to 6.96% from 7.04% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.69%.

The 30-year fixed-rate mortgage (FRM) broke a five-week upward trajectory and dipped to 6.96%, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). At this same time last year, the rate averaged 6.

Mortgage rates are likely to remain elevated through at least the first half of the year, keeping sales of previously owned homes subdued.