The average rate on a 30-year U.S. mortgage fell to 6.23%, breaking a three-week streak of increases. A year ago, the rate was 6.81%. Just four weeks ago, the rate was at its lowest in over a year at 6.17%.

Borrowing costs on 15-year fixed-rate mortgages also dropped to 5.51% from 5.54% last week. A year ago, the rate was 6.10%. Mortgage rates are influenced by factors like the Federal Reserve’s decisions and the 10-year Treasury yield.

With mortgage rates easing, homebuyers gain purchasing power. Easing rates in the fall lifted sales of U.S. homes in October for the fourth consecutive month. However, affordability remains a challenge due to economic uncertainty and job market concerns.

Mortgage rates began declining this summer ahead of the Federal Reserve’s decision to cut its main interest rate in September. While further rate cuts are speculated, the Fed’s actions don’t guarantee a significant drop in mortgage rates. Traders predict an 83% probability of another rate cut in December.

Read more at Yahoo Finance: Average US long-term mortgage rate falls to 6.23%, ending a three-week climb