Two months ago, when the Federal Reserve announced it was going to raise the benchmark rate, most of those watching expected mortgage rates to start inching higher. Instead, for the past month and a half, the average for the 30-year fixed-rate mortgage, the most popular home mortgage product, has fallen 36 basis points. It is now at the lowest level in 10 months.

Mortgage rates are closely tied to the movement of the 10-year Treasury Bond, and investors lately have been flooding the bond market, driving down yields, so rates on home loans have fallen.

According to data released Thursday by Freddie Mac, the 30-year fixed-rate average held steady at 3.65% with an average 0.5 point, same as it was a week ago. That same rate was 3.76% a year ago.