New York, NY, United States (AHN) – For just the second time in history, the average rate on a 30-year fixed mortgage fell below 4 percent in the latest week.

After falling to an average 3.94 percent on a 30-year fixed mortgage in the week ending Oct. 6, rates had picked up over the past months.

However, amid signs that the economy is still in a slow recovery mode, the average rate fell to an average 3.99 percent in the week ending Nov. 10., down from 4 percent in the previous week, and 4.17 percent a year ago, according to mortgage giant Freddie Mac.

Rates on 15-year fixed mortgages also dropped slightly, averaging 3.3 percent, down from last week’s 3.31 percent average and 3.57 percent a year ago.

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