Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year

AP Business Writer

The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year. That’s good news for prospective homebuyers facing home prices near all-time highs. Mortgage buyer Freddie Mac said Thursday that the rate fell to 6.35% from 6.46% last week. A year ago, the rate averaged 7.18%. Mortgage rates are expected to keep trending lower overall this year. That’s due to signs of waning inflation and a cooling job market, which have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.