Having hit a 7-year high of 4.94 percent last month, the average rate for a benchmark 30-year mortgage has since dropped 39 basis points, including 7 basis points over the past week, to 4.55 percent but remains 56 basis points above its mark at the same time last year, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage has shed 35 basis points since mid-November, including 6 basis points over the past week, and now measures 4.01 percent, which remains 57 basis points above its mark at the same time last year, while the average rate for a 5-year adjustable ticked up 2 basis points over the past week and now measures 4.00 percent, 53 basis points above its mark at the same time last year.

And while the Fed has signaled expectations for two rate hikes in 2019, the futures market suggests that traders are currently wagering against any more rate hikes over the next year.

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