Having ticked up to just over 4 percent last month, the average rate for a conforming 30-year fixed-rate mortgage has dropped to 3.89 percent, the lowest level since May 2013 and 57 basis points below the 4.46 percent rate at the same time last year.
Averaging around 6.7 percent over the past twenty years, the 30-year rate hit a three-year high of 4.58 percent in August 2013 and an all-time low of 3.31 percent in November 2012.
credit: socketsite