The average rate on a 30-year U.S. mortgage fell for the fourth week in a row to its lowest level in more than a year.

Lower mortgage rates boost homebuyers’ purchasing power. They also benefit homeowners eager to refinance their current home loan to a more attractive rate.

The average long-term mortgage rate dropped to 6.17% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.72%.

The last time the average rate was lower was on Oct. 3, 2024, when it was 6.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.41% from 5.44% last week. A year ago, it was 5.99%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the

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