Mortgage rates declined this week, marking their fourth consecutive week below 3% and further evidence of the strength in the economy’s recovery from the pandemic recession.

Mortgage buyer Freddie Mac reported Thursday that the average for the benchmark 30-year home-loan rate eased to 2.94% from 2.96% last week. At this time last year, the long-term rate was 3.28%. Experts are expecting rates to increase modestly in the short term, while remaining at low levels.