According to an analyst, AT&T may drop the price of iPhone contracts from $69 per month to $59. Why? To help make the device "more affordable."Now that just one month stands between us and Apple's WorldWide Developer Conference, iPhone mania is about to ramp up all over again. Reports and rumors have been gathering momentum for months now, and it's all going to come to a head in the next 30 or so days.

Adding to the pile of pre-WWDC news mongering, analyst Michael Cote said that is a "strong possibility" that AT&T will drop the cost of its voice and data plans for the iPhone in conjunction with whatever is announced at WWDC.

You might remember, when the iPhone was first released it came with a $59 contract rate. The cost broke down to $39 per month for 450 minutes and then a $20 mandatory data plan. When the iPhone 3G was made available, AT&T actually raised the monthly data plan rate to $30. Essentially, a drop in price of $10 would be retreating to the original amount charged to buyers of the first-generation iPhone.

The $10 drop in price may inspire more people to take the plunge and buy an iPhone. At least that's the hope. According to Cote, Wal-Mart has not sold the number of iPhones that Apple and Wal-mart had hoped. All the parties combined would probably agree that a lower service plan cost will lead to more buyers. (Cote downplays the possibility of a lower-cost "iPhone nano.) In Apple's most recent quarterly earnings report the iPhone showed strong sales figures.

Will AT&T drop the price? Will there be a new iPhone? We'll have to wait until WWDC next month to find out.