Having shed 7 basis points over the past week, the average rate for a 30-year mortgage now measures 3.99 percent, an average rate which is 57 basis points lower than at the same time last year and the first sub-four percent rate since January of 2018, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage has dropped to 3.46 percent (which is 60 basis points below its mark at the same time last year) while the average rate for a 5-year adjustable has dropped to 3.60 percent (which is 20 basis point below its mark at the same time last year and an inverted 14 basis points above the fixed 15-year rate) and the odds of the Fed easing rates by the end of this year has jumped to 82 percent, with the odds of a rate hike holding at zero, according to an analysis of the futures market.

And despite the drop in rates, pending home sales are down, both nationally and in San Francisco.

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