Mortgage Rates Continue , to Fall, Raising Hopes of the , Fed Cutting Rates.br ABC reports that borrowing costs for br home loans continued to ease this week, br with the average rate on a 30-year mortgage br falling to its lowest level since April.br According to mortgage buyer br Freddie Mac, the rate fell frombr 6.95 to 6.87 last week. .br That figure is still significantly higher than br what the rate was during the same time last year, br which was at an average of 6.67. .br 15-year fixed-rate mortgages br also eased, falling from br 6.17 last week to 6.13. .br During the same time last year, br the average rate was at 6.03.br Those higher rates can add hundreds of dollars br to monthly costs for borrowers, which limits the br purchasing options of potential homebuyers.br Mortgage rates fell for br the third straight week br following signs of cooling br inflation and market br expectations of a br future Fed rate cut, Sam Khater, Freddie Mac’s chief economist, via ABC.br ABC reports that rates are influenced by a number br of factors, including the Federal Reserve's interest br rate policy and the 10-year Treasury yield.br ABC reports that rates are influenced by a number br of factors, including the Federal Reserve's interest br rate policy and the 10-year Treasury yield.br Due to yields also beginning to ease, the Federal br Reserve could start to drop its main interest rate br after hiking it up to the highest level in over 20 years.br Last week, Fed officials suggested that they would make br just one cut to their benchmark interest rate in 2024, br down from previous projections of three cuts for the year.