Average rate on a 30-year mortgage ticks up to 6.49%, near its lowest level in more than a year

The average rate on a 30-year mortgage edged higher this week, holding close to its lowest level in more than a year. The rate rose to 6.49% from 6.47% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09%. Despite the modest uptick, mortgage rates are expected to keep trending lower overall this year, as signs of waning inflation and a cooling job market have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.