Having slipped back below 4 percent last month, the average rate for a benchmark 30-year mortgage slipped another 3 basis points over the past week to 3.86 percent which is the lowest average rate this year.

At the same time, the current average 30-year rate remains 43 basis points above the 3.43 percent average rate in place at the same time last year and 45 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 to 40 percent according to an analysis of the futures market.

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