By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage declined again this week, easing to just above its lowest level this year.

The average long-term mortgage rate slipped to 6.27% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.44%.

The latest dip brings the average rate to just above 6.26%, where it was four weeks ago after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.52% from 5.53% last week. A year ago, it was 5.63%, Freddie Mac said.

Mortgage rates are influenced by several factors , from the

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