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The average rate on a 30-year U.S. mortgage ticked down modestly this week, remaining in the same narrow range of the past two months. The average long-term mortgage rate fell to 6.18% from 6.21% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.85%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, rose this week. The rate averaged 5.50%, up from 5.47% last week. 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.

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 the 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%. 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. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The average rate on a 30-year U.S. mortgage ticked up this week, ending a four-week decline. Mortgage buyer Freddie Mac said Thursday that the average rate rose to 6.3% from 6.26% last week. A year ago, it averaged 6.08%. Borrowing costs on 15-year fixed-rate mortgages also edged higher, rising to 5.49% from 5.41% last week. Mortgage rates are influenced by factors like the Federal Reserve’s interest rate policies and bond market investors’ expectations. The recent downward trend bodes well for prospective homebuyers who have been held back by stubbornly high home financing costs.