The average rate for a benchmark 30-year mortgage slipped another 4 basis points over the past week to 3.82 percent which is another new low for the year.

At the same time, the current average 30-year rate remains 36 basis points above the 3.46 percent average rate in place at the same time last year and 41 basis points above last year’s 3.41 percent low, according to Freddie Mac’s Primary Mortgage Market Survey data.

And the probability of the Fed instituting another rate hike by the end of the year has dropped below 40 percent according to an analysis of the futures market, with the odds of the next hike below even until next June.

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