The average rate for a 30-year mortgage shed 7 basis points over the past two weeks to 4.07 percent, an average rate which is now 54 basis points lower than at the same time last year, according to Freddie Mac’s latest Mortgage Market Survey data.

The average rate for a 15-year fixed mortgage shed 7 basis points as well, dropping to 3.53 percent, which is 55 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable rate mortgage only shed 2 basis points and now measures 3.66 percent, which is 16 basis point below its mark at the same time last year but an inverted 13 basis points above the fixed 15-year rate.

At the same time, with the probability of the Fed instituting another rate hike by the end of the year holding at zero, the odds of an easing have jumped to 72 percent, according to an analysis of the futures market.

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