Having inched up to 3.81 percent last week, the average rate for a 30-year mortgage has dropped back down to 3.75 percent, which is 119 basis points (1.19 percentage points) below its mark in the fourth quarter of last year and within 30 basis points of a three-year low.

At the same time, the average rate for a 15-year fixed mortgage has dropped back down to 3.18 percent, which is 84 basis points below its mark at the same time last year, and the average rate for a 5-year adjustable has inched back down to an inverted 3.47 percent, which is 40 basis point below its mark at the same time last year.

And according to an analysis of the futures market, the probability of the Fed easing rates by the end of the year is holding at 100 percent.

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