The average rate for a 30-year mortgage dropped another 5 basis points over the past week to 3.55 percent, which is down 139 basis points (1.39 percentage points or 28.1 percent) since the fourth quarter of last year and within 13 basis points of a three-year low.

At the same time, the average rate for a 15-year fixed mortgage is down to 3.03 percent, which is 95 basis points below its mark at the same time last year, and the average rate for a 5-year adjustable is down to an inverted 3.32 percent, which is 50 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 for a second time this year has just slipped to 98.7 percent.

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