Rates on 30-year mortgages fell Wednesday to 6.23% from 6.26% the previous week. Borrowing costs on 15-year fixed-rate mortgages fell to 5.51%.

WASHINGTON – The average rate on a 30-year U.S. mortgage ended a three-week streak of increases, reflecting a pullback in long-term U.S. Treasury bond yields.

The average long-term mortgage rate fell to 6.23% from 6.26% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%.

Just four weeks ago, the average rate was at 6.17%, its lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.51%, down from 5.54% last week. A year ago, it was 6.10%, 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.

The 10-year yield was at 4.01% at midday Wednesday. That’s down from about 4.13% a week ago.

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