The average rate for a 30-year mortgage has been little changed over the past two weeks and is currently holding at 3.68 percent, which is 107 basis points (1.07 percentage points) below its mark at the same time last year, and within 27 basis points of a three/six-year low, according to Freddie Mac’s latest Mortgage Market Survey.

At the same time, the average rate for a 15-year fixed mortgage is currently hovering at around 3.14 percent, which is 107 basis points below its mark at the same time last year as well, while the average rate for a 5-year adjustable is holding at an inverted 3.39 percent, which is 68 basis points below its mark at the same time last year.

And according to an analysis of the futures market, the probability of the Fed instituting another rate cut over the next year has ticked up to 67 percent while the probability of a rate hike has dropped back down to under a percent.

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