Fixed mortgage rates dropped further, reaching a new low for the second consecutive week, Freddie Mac reported Nov. 21 in its weekly Primary Mortgage Market Survey.

The 30-year fixed-rate fell 0.02 percentage points to 3.31 percent (down from 3.98 percent a year ago). The 15-year fixed-rate dropped 0.01 percent to 2.64 percent (down from 3.30 percent a year ago).

However, the one-year adjustable-rate mortgage saw a slight increase, climbing 0.01 percentage points to 2.56 percent (down from 2.98 percent a year ago). The five-year Treasury-indexed adjustable-rate remained steady at 2.74 percent (down from 2.91 percent a year ago).

“Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index. And existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, exceeding the market consensus forecast.”

View Freddie Mac’s weekly Primary Mortgage Market Survey.