Following seven consecutive weeks of increases, benchmark mortgage rates have dipped. And that will give homeowners and home buyers a chance to lock in lower rates — but the opportunity isn’t guaranteed to last very long.

The 30-year fixed-rate mortgage averaged 3.13% for the week ending April 8, down five basis points from the previous week, Freddie Mac FMCC, +4.59%  reported Thursday. Previously, the rate on the 30-year loan had reached its highest level since June of last year.

The 15-year fixed-rate mortgage, meanwhile, fell three basis points to an average of 2.42%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.92%, up eight basis points from the previous week.

The decline in mortgage rates

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