The average long-term U.S. mortgage rate has dropped for the third consecutive week, dropping to 6.23% from 6.3% last week, according to mortgage buyer Freddie Mac. This brings lower borrowing costs for prospective homebuyers as the spring homebuying season progresses. The 30-year fixed rate rate is now at its lowest level since March 19, when it was 6.22%. Meanwhile, borrowing costs on 15-year-fixed-rate mortgages also decreased. These factors are influenced by factors such as the Federal Reserve's interest rate policy decisions and expectations for the economy and inflation. The 10-year Treasury yield was at 4.30% in midday trading on the bond market on Thursday, down slightly from 4.32% a week ago.