Mortgage rates dropped in the past week after rising in six of the last nine weeks, including most of the month of October.
The 30-year fixed-rate mortgage averaged 3.69% during the week ending Nov. 7, down three basis points from the previous week, Freddie Mac FMCC, -0.35% reported Thursday.
The rate on the 30-year mortgage is over a full percentage point lower than it was at this same time a year ago, when rates averaged 4.94%.