Benchmark Mortgage Rate Continues to Rise, Nearing a 4-Year High

The average rate for a benchmark 30-year mortgage rose up another 7 basis points over the past week to 4.22 percent which is the highest rate in over ten months, 3 basis points higher than the same time last year, 27 basis points higher than at the beginning of 2018 and 44 basis points above last year’s low of 3.78 percent, according to Freddie Mac’s Primary Mortgage Market Survey data.

At the same time, the probability of the Fed raising the federal funds rate in March has ticked up another 3 percentage points to 83 percent, according to an analysis of the futures market.