The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline.

The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.

The FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30 percent this week.