Fixed Mortgage Rates Drop To 2014 Low

The average rate for a conforming 30-year mortgage ticked down from 4.29 to 4.21 percent over the past week, the lowest rate in six months and 37 basis points below the three-year high rate of 4.58 percent recorded this past August.

Having averaged 6.67 percent since 1990, the average rate for a 30-year fixed mortgage was 3.42 percent at this time last year. The all-time low of 3.31 percent was recorded in November of 2012.

Thank anemic first quarter growth in the U.S. economy and the Feds reaffirmed commitment to keeping interest rates artificially low, “for a considerable time,” for the latest dip in rates.