As we expected, the average rate for a 30-year mortgage dropped 9 basis points over the past week and now measures 3.69 percent, according to Freddie Mac’s latest Mortgage Market Survey.

And as such, the 30-year rate is now 125 basis points (1.25 percentage points) below its mark at the same time last year and within 28 basis points of a three/six-year low.

At the same time, the average rate for a 15-year fixed mortgage dropped 6 basis points to 3.13 percent, which is 120 basis points (1.20 percentage points) below its mark at the same time last year, while the average rate for a 5-year adjustable dropped 4 basis points to 3.39 percent, which is 75 basis points below its mark at the same time last year.

And according to an analysis of the futures market, the probability of the Fed instituting another rate cut over the next year has dropped to under 50 percent with the probability of a rate hike over the next year holding at zero.

Comments from “Plugged-In” Readers

Add a Comment

Your email address will not be published. Required fields are marked *

Recent Articles