The average long-term U.S. mortgage rate is holding at just above 6% after reversing a modest uptick in recent weeks just as the housing market closes in on the spring homebuying season.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also edged lower this week. That average rate fell to 5.44% from 5.5% last week. A year ago, it was at 6.09%, 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 and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

 

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Average US long-term mortgage rate dips to where it was 3 week ago, just above 6%