Mortgage rates have dropped for the second week in a row and the average rate for a conforming 30-year mortgage is down to 3.69 percent, within 10 basis point of its 22-month low (3.59 percent) recorded last month. At this time last year, the 30-year rate averaged 4.40 percent.
The 30-year rate, which hit all-time low of 3.31 percent in November 2012 and a three-year high of 4.58 percent in August 2013, has averaged roughly 6.7 percent over the past twenty years.
