By MATT OTT, AP Business Writer

WASHINGTON (AP) — The average rate on a 30-year U.S. mortgage ticked up for the second straight week following a string of declines that had brought down home borrowing costs to their lowest level in nearly a year.

The average long-term mortgage rate rose this week to 6.34% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also inched up. The average rate rose to 5.55% from 5.49% the previous week. A year ago, it was 5.25%, 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

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