The average rate on a 30-year mortgage in the U.S. was flat this week ahead of an expected interest rate cut from the Federal Reserve later this month. The rate remained at 6.35% from last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, eased a little this week. The average rate fell from 5.51% last week to 5.47%. A year ago, it averaged 6.52%, Freddie Mac said.

A Federal Reserve interest rate cut, expected next week, is one of many influences on mortgage rates, along with inflation, job growth and a shrinking or thriving economy.