LOS ANGELES (NEWSnet/AP) — Home loan borrowing cost eased again this week, as the average rate on a 30-year mortgage declined to its lowest level since early April.

The rate fell to 6.87% from 6.95%, Freddie Mac said Thursday.

It’s the third straight weekly decline, which has hovered mostly around 7% since April.

Borrowing cost on a 15-year fixed-rate mortgage also eased this week, lowering the average rate to 6.13% from 6.17% last week.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist.

Home loan rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield.

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