The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what’s typically a less competitive time of the year for the housing market.

The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.84% from 5.96% last week. A year ago, it averaged 6.38%, Freddie Mac said.

The average rate on a 30-year mortgage is now at its lowest level since October 24, when it was at 6.54%.

Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds, which lenders use as a guide to price home loans.

The yield, which was below 3.70% as recently as September, has mostly hovered around 4.2% this month. It was at 4.3% at midday Thursday.

The recent decline in rates follows a mostly upward climb since the average rate on a 30-year mortgage slid to a two-year low of 6.08% in late September after the Federal Reserve cut its main interest rate from a two-decade high. While the central bank doesn’t set mortgage rates, its actions and the trajectory of inflation influence the moves in the 10-year Treasury yield.

Many economists and traders on Wall Street expect that the Fed will cut its main interest rate again at its policy meeting next week.

Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. U.S. home sales are on track for their worst year since 1995.