Washington CNN  —  Mortgage rates declined for the third consecutive week in a shred of good news for Americans dealing with a still-tough housing market. The standard 30-year fixed-rate mortgage averaged 6.94% in the week ending May 23, down from last week’s average of 7.02%, according to Freddie Mac data released Thursday. That’s the lowest level since early April and below the key 7% threshold. CNN Related article Here is how much household income you’ll need to afford the median-priced home in every US state After moving sideways throughout March, mortgage rates began to climb in late April as economic data showed that inflation’s cooldown stalled earlier in the year. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Federal Reserve’s decisions on interest rates. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” Sam Khater, Freddie Mac’s chief economist, said in a release. Stubbornly high inflation this year has dashed hopes that the Fed could cut interest rates in the spring or in the summer. But there’s finally been some good news on that front: The Consumer Price Index for April, released last week, came in cooler than expected.