The average rate for a benchmark 30-year mortgage has dropped 18 basis points over the past two weeks to 4.63 percent, which remains 70 basis points above its mark at the same time last year but represents a three-month low, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage dropped 18 basis points as well to 4.07 percent but remains 71 basis points above its mark at the same time last year while the average rate for a 5-year adjustable dropped 8 basis points to 4.04 percent but remains 68 basis points above 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 hike by the end of this year has decreased by 6 percentage points but remains at 80 percent.

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