U.S. mortgage rates again dropped this week, and now sit beneath the 3% mark, according to Freddie Mac.

The 30-year fixed mortgage rate averaged 2.98% for the week ending Nov. 11 — down from 3.09 last week. More than four months ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 2.84%.

Low mortgage rates help propel U.S. home sales and the refinance market.

“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.”

Dayton-area home sales have shined through the Covid-19 pandemic. Local home and condo sales rose by 19% in September with 1,705 transactions, according to Dayton Realtors. Plus, the average sales price continued its upward trajectory and hit $211,000, a jump of 16% from the previous September.

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