The average rate on a 30-year U.S. mortgage fell again this week, slipping close to its low point so far this year.

The decline brings the average long-term mortgage rate to 6.19% from 6.23% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.69%.

This is the second straight weekly drop in the average rate after three straight increases. It’s now at the lowest level since Oct. 30, when it was at 6.17%, the lowest level in more than a year.

Borrowing costs on 15-year fixed-rate mortgages also fell this week. The rate averaged 5.44%, down from 5.51% last week. A year ago, it was 5.96%, Freddie Mac said.

The Federal Reserve lowered its key interest rate September and in October, and the general expectation is that the central bank will cut again when policymakers meet again next week.

“A December rate cut, which the market widely expects, could take further pressure off of mortgage rates as the year comes to a close, boosting buying power as the new year approaches,” said Hannah Jones, senior economic research analyst at Realtor.com.

Jobless applications fall

U.S. applications for unemployment benefits fell to their lowest level in more than three years last week, potentially complicating the Federal Reserve’s upcoming decision on interest rates.

The number of Americans applying for jobless benefits for the week ending Nov. 29 fell to 191,000 from the previous week’s 218,000, the Labor Department reported. That’s the lowest level since September 24, 2022, when claims came in at 189,000.

Analysts surveyed by FactSet had forecast initial claims of 221,000. Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market.