The average rate for a benchmark 30-year mortgage dropped another 4 basis points over the past week to 3.78 percent, which is a new year-to-date low for 2017.

At the same time, the current average 30-year rate remains 34 basis points above the 3.44 percent average rate in place at the same time last year and 37 basis points above 2016’s 3.41 percent low, according to Freddie Mac’s Primary Mortgage Market Survey data.

And according to an analysis of the futures market, not only has the probability of the Fed instituting another rate hike by the end of the year dropped to just over 30 percent but the odds of another hike within the next twelve months just dropped to below 50 percent as well.

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