WASHINGTON (AP) — The average long-term U.S. mortgage rate declined for the second straight week, falling to its lowest level in more than a month.

The benchmark 30-year fixed-rate mortgage fell to 7.24% from 7.32% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.17%.

Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell this week. That average rate dipped to 6.60% from 6.68% last week. A year ago, it was at 5.41%.

Rates on home loans are influenced by inflation, Federal Reserve policy and bond-market investors’ expectations for the economy, among other factors. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The yield was at 4.98% at midday on the bond market Thursday. It surged to more than 5.30% earlier this month and remains well above its 3.97% level from before the war with Iran.