Mortgage Market Rate Survey

Having ticked down to within 11 basis points of an all-time low two weeks ago, the average rate for a 30-year mortgage has since moved up 10 basis points to 3.52 percent, which is the highest rate in four months but remains 27 basis points below the 3.79 percent rate in place at the same time last year, according to Freddie Mac’s latest Primary Mortgage Market Survey.

At the same time, the probability of the Fed enacting a rate hike by the end of the year, a probability which had dropped to below 35 percent at the beginning of August has jumped to 74 percent, according to an analysis of the futures market.

Keep in mind that rate for a 30-year fixed mortgage has averaged closer to 6.4 percent since 1990 and over 8 percent over the past 45 years.

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