The average rate for a benchmark 30-year mortgage ticked up another 7 basis points over the past week to 4.03 percent and is currently running 61 basis points above the 3.42 percent average rate in place at the same time last year and 12 basis points above the average rate in place prior to the Fed’s most recent rate hike, according to Freddie Mac’s Primary Mortgage Market Survey data.
At the same time, the probability of the Fed instituting another rate hike by the end of the year is running around 55 percent, according to an analysis of the futures market.