Mortgage rates in the U.S. dropped for a third straight week, easing pressure on homebuyers.

The average for 30-year fixed-rate mortgage loans was 6.89%, down from 6.95% last week, Freddie Mac said in a statement. A year ago at this time, it averaged 6.64%. The 15-year rate, popular with refinancers, averaged 6.05%, down from 6.12% last week but up from 5.9% a year ago.

Homebuyers are getting a slight reprieve as borrowing costs slip further away from the 7% level crossed in early January. But home prices remain stubbornly high, squeezing affordability. Weaker demand is causing for-sale homes to linger on the market for the longest span in nearly five years, according to Redfin Corp.

In recent years, buyers have had a dearth of properties to choose from as high borrowing costs discouraged sellers from listing homes and giving up lower rates on their existing loans. The gridlock is showing signs of easing now nationally. In the four weeks through Feb. 2, new listings were up nearly 8% from the same period a year earlier, according to Redfin.

“Though housing costs remain eye-wateringly high, for-sale inventory continues to build, offering home buyers more options,” said Hannah Jones, Realtor.com senior economic research analyst. “Climbing inventory levels have created a bit more slack in the housing market, which is important for market balance.”

The Michigan State Housing Development Authority estimates the state to be short about 141,000 housing units needed to achieve a more balanced market.

Most areas around Southeast Michigan continue to have only about two months of inventory.

“We need two to three times more homes on the market,” Adam Oberski, president, broker and owner of the Century 21-affiliated Curran & Oberski brokerage based in Northville, told Crain’s last month. “We need to go on a period of homes being listed above and beyond the rate of sales for inventory to grow. That could take six to 18 months to happen.”