LANSING, Mich. (Michigan News Source) — The 30-year mortgage rate dipped to 6.19% this week. It’s not a miracle, but it is enough to stretch buyers’ budgets a little farther.

Freddie Mac reported the drop December 4, marking the lowest point in roughly a year and the second straight week of declines after rates briefly pushed upward in November.

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The 15-year mortgage rate also slid, landing at 5.44%.

Rates have been drifting down as markets anticipate more action from the Federal Reserve, which has already cut interest rates twice this fall. Mortgage rates aren’t set by the Fed, but they tend to shadow the 10-year Treasury yield, and that yield has been declining.

Lower borrowing costs are giving the housing market a small boost, as well: sales of previously owned homes rose again in October, the fourth straight month of modest improvement.

Economists say another Fed rate cut is on the table next week, which could pull mortgage rates lower still, though nothing is certain.