Good news for home buyers: Mortgage rates are down

Mortgage rates are on the decline, which is good news for those searching to buy a new home.

For the second straight week, mortgage buyer Freddie Mac said the average rate for a 30-year loan is down.

Currently, rates sit at just over 4.5 percent.

However, the mortgage rate is not at its lowest.

Current rates are well over a half-point higher than a year ago.