The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb.
The rate slipped to 6.78 from 6.79 last week, mortgage buyer Freddie Mac said Thursday. That's still down from a year ago, when the rate averaged 7.4.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate slipped to 5.99 from 6 last week. A year ago, it averaged 6.76, Freddie Mac said.
Mortgage rates are influenced by several factors, including the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans. Bond yields have been rising in recent weeks following encouraging reports on inflation and the economy.
Last week, bond yields surged on expectations that President-elect Donald Trump's plans to lower tax rates , increase tariffs and reduce regulation could ultimately lead to higher U.S. government debt and inflation , along with faster economic growth.
