(Bloomberg) -- Mortgage rates in the U.S. dipped to the lowest level in almost six months.

The average for a 30-year loan was 2.77%, down from 2.8% last week and the lowest since Feb. 11, Freddie Mac said in a statement Thursday. Rates had previously dropped to the lowest level since early February on July 22.

Mortgage rates are tracking yields for the benchmark 10-year Treasuries, which slid to the lowest level since February earlier this week.

Rates have been below 3% for six weeks, inching closer to the record low of 2.65% reached in January. Cheaper borrowing costs have underpinned the pandemic housing rally.

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