Having dropped to a 9-month low two weeks ago, the average rate for a benchmark 30-year mortgage, which hit a 7-year high of 4.94 percent this past November, has been holding at 4.45 percent, which is 30 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 been holding around 3.88 percent, which is down 48 basis points since mid-November but 26 basis points above its mark at the same time last year, while the average rate for a 5-year adjustable has inched up to 3.90 percent, which is 38 basis points above its mark at the same time last year and represents a slight inversion with the 15-year rate.

And while the Fed has signaled expectations for two rate hikes in 2019, according to the futures market, traders are still wagering against any more rate hikes over the next year, with the probability of a hike this year holding at under 20 percent.

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