The average rate for a benchmark 30-year mortgage has dropped to 3.95 percent, the lowest average rate this year and 35 basis points below the 4.30 percent rate in place prior to the Fed’s second rate hike in March.

At the same time, the benchmark rate remains 31 basis points above the 3.64 percent rate in place at the same time last year and 54 basis points 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 third rate hike occurring next month has ticked up to 83 percent.

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