Rates on 30-year mortgages slipped to 6.81% from 6.84% last week, while borrowing costs on 15-year fixed-rate mortgages climbed to 6.1% from 6.02%.

WASHINGTON – The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks.

The rate slipped to 6.81% from 6.84% last week, mortgage buyer Freddie Mac said Wednesday. That’s still down from a year ago, when the rate averaged 7.22%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, rose this week. The average rate climbed to 6.1% from 6.02% last week. A year ago, it averaged 6.56%, 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. The yield, which mostly hovered around 4.4% last week and was below 3.70% in September, has eased this week. It was at 4.23% at midday Wednesday.

Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. U.S. home sales are on track for their worst year since 1995.

“The 30-year fixed-rate mortgage moved down this week, but not by much,” said Sam Khater, Freddie Mac’s chief economist. “Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.”

Mortgage rates slid to just above 6% in September following the Federal Reserve’s decision to cut its main interest rate for the first time in more than four years. While the central bank doesn’t set mortgage rates, its actions and the trajectory of inflation influence the moves in the 10-year Treasury yield. The central bank’s policy pivot is expected to eventually clear a path for mortgage rates to generally go lower.

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