Mortgage rates marched down again this week in a hopeful sign for prospective buyers, but flat pending home sales indicate the recent declines have so far not been sufficient to get the housing market moving again.

Freddie Mac's latest Primary Mortgage Market Survey released Thursday showed that the average rate for the benchmark 30-year fixed mortgage fell to 6.61% this week, down from 6.67% last week but still higher than 6.42% a year ago.

At the same time, the rate on the 15-year fixed mortgage fell nearly a full point, averaging 5.93% after coming in last week at 6.95%. One year ago, the rate on the 15-year fixed note averaged 5.68%.

Meanwhile, the National Association of Realtors' latest index of pending home sales released Thursday showed contracts to purchase previously-owned homes held steady at a record low in November.

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Economists surveyed by Refinitiv were expecting a rise of 1% from October’s reading of 71.4, which was the lowest recorded since the index was created in January 2001, reflecting the damage that inflation, high mortgage rates, and a shortage of supply have inflicted on the housing market.

However, the Commerce Department reported housing starts surged 14.8% last month, signaling progress in the stagnant market.

"Buyers over the last year have gravitated toward new construction as existing home supply has remained limited and builders are willing to incentivize purchases with lower rates," said Realtor.com chief economist Danielle Hale.

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"Today’s data signal that home sales activity could register better than expected in Realtor.com’s 2024 Housing Forecast if mortgage rates are able to hold on to the improvement garnered in the last two months, which has been faster than anticipated," Hale said.

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She added, "With home prices likely to remain high, mortgage rates will be an important determinant of both affordability and overall activity."

FOX Business' Charles Brady contributed to this report.