On the heels of a seven-week slide, the average rate for a benchmark 30-year loan has ticked up for the second week in a row to 3.68 percent but remains within 9 basis points of a near three-year low (and 22 basis points lower than at the same time last year).
The average 30-year mortgage rate is now 29 basis points below the 3.97 percent rate in place prior to the Fed’s first rate hike in December and the probability of a second rate hike by The Fed this month has dropped to 0.0 percent according to the futures market, a move which shouldn’t catch any plugged-in readers by surprise.