Having inched down another 7 basis points over the past week, the average rate for a benchmark 30-year mortgage has dropped to 2.97 percent, which is 36 basis points below its mark at the same time last year, down 21 basis points this month alone, and back to within 32 basis points of its all-time low.

At the same time, the average rate for a 15-year fixed mortgage has dropped to 2.29 percent, which is 57 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable has inched up to 2.83 percent but is still 45 basis points below its mark at the same time last year.

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