The average rate for a benchmark 30-year mortgage has dropped below 4 percent for the first time since November, shedding 11 basis points over the past week and 33 basis points since the the Fed’s second rate hike last month.
At the same time, the current 30-year average rate of 3.97 percent remains 38 basis points above the 3.59 percent average rate in place at the same time last year and 56 basis above last year’s 3.41 percent low, according to Freddie Mac’s Primary Mortgage Market Survey data.
And according to an analysis of the futures market, the probability of the Fed’s next rate hike occurring next month has dropped to 4 percent.
Comments from Plugged-In Readers
With all the saber rattling that has been happening their has been a “flight to safety” which has driven down the yield on the 10-year treasury. Gold has also had a modest run in the last month.
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