The average US mortgage rate has been eased to 6.76%, with weekly declines in the second straight line

This week, the average 30-year mortgage rate in the US was once again eased. Traditionally the busiest time of the year For the housing market.

Mortgage buyer Freddie Mac said Thursday. A year ago, the price averaged 7.22%.

The borrowing costs for 15-year fixed-rate mortgages, which are popular for homeowners to refinance their mortgage, have also decreased. The average rate fell to 5.92% from 5.94% last week. It’s down from 6.47% a year ago, Freddie Mac said.

Mortgage fees are affected by several factors, including global demand for the US Treasury, Federal Reserve’s interest rate policy decisions, and bond market investors’ expectations for future inflation.

When mortgage fees drop, they can help increase the purchasing power of home buyers.

After just over 7% in mid-January, the average 30-year mortgage rate was above 6.62%, just three weeks ago. It then surged above 6.8% over the next two weeks, reflecting the volatility of Treasury yields over the decade, which lenders use as a guide to mortgage pricing.

Yet, which mostly fell after rising to around 4.8% in mid-January, rose to 4.5% last month amid a sale of government bonds caused by investor unrest in the Trump administration. Trade wars.

The 2010 Treasury yield was 4.23% in noon trading on Thursday, up from 4.17% on Wednesday.