The average long-term U.S. mortgage rate has fallen for the second straight week, hitting its lowest point in over a month, according to data released Thursday by mortgage buyer Freddie Mac. The benchmark 30-year fixed-rate mortgage dipped to 7.24%, down from 7.32% the previous week. This marks a significant decrease from the 6.17% average rate recorded one year ago. Borrowing costs for 15-year fixed-rate mortgages, a popular option for homeowners refinancing their loans, also saw a reduction. The average rate for these loans fell to 6.60% from 6.68% in the prior week. A year ago, the average rate for a 15-year fixed mortgage stood at 5.41%. Mortgage rates are influenced by several factors, including inflation, Federal Reserve monetary policy, and investor expectations for the economy as reflected in the bond market. These rates generally track the yield on the 10-year Treasury note, which lenders use as a benchmark for pricing home loans. The 10-year Treasury yield was trading at 4.98% on Thursday. Earlier in October, the yield had surged above 5.30%, and it remains considerably higher than the 3.97% level observed before recent geopolitical events.