Mortgage rates fell for the third week in a row on Thursday, signaling a downward trend some economists predict will continue.

Freddie Mac reported that the average rate on the benchmark 30-year fixed mortgage fell to 7.44% from 7.5% the previous week, but remains markedly higher than the 6.61% average during the same week last year.

The average rate on the 15-year note fell to 6.76%, down from 6.81% the week prior. A year ago, the rate on a 15-year mortgage was at 6.38%.