Homebuyers can breathe a small sigh of relief, as mortgage rates are declining. Freddie Mac data released Thursday showed that “the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September.

Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Mortgage rates have declined for seven consecutive weeks in a welcome shift for a housing market that has struggled with affordability challenges since the post