The average rate on a 30-year U.S. mortgage fell again this week, echoing a decline in long-term U.S. Treasury bond yields ahead of the Federal Reserve’s first rate cut this year.

The rate eased to 6.26% from 6.35% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell. The average rate slipped to 5.41% from 5.5% last week. A year ago, it was 5.15%, Freddie Mac said.

Mortgage rates are influenced by several factors , from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.

Rates generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide

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