There's no easy way to say it: it was a bad week for mortgage rates.  Actually, it was a bad week for interest rates in general and mortgage rates typically follow the rest of the rate market.

The average rate on a 30-year mortgage in the U.S. has eased for the third week in a row. That's a welcome trend for prospective homebuyers during what’s typically a less competitive time of the year for the housing market.

Mortgage rates declined for the second week in a row, lifting demand in the stagnant housing market as the affordability crisis continues to create headwinds.