The average rate on a 30-year mortgage in the U.S. edged closer to 6 percent this week to its lowest level since early February 2023. The rate fell to 6.09 percent from 6.20 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19 percent.

The decline in mortgage costs, influenced by expectations of the Federal Reserve’s rate moves, could revive interest in buying, selling and remortgaging, economists said.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loans to a lower rate, also eased.