Mortgage Market Survey

The average rate for a 30-year mortgage ticked up 3 basis points over the past week to 3.57 percent, which is the highest rate since the beginning of June but only 26 basis points above an all-time low of 3.31 percent and 41 basis points below the 3.98 percent rate in place at the same time last year, according to Freddie Mac’s latest Primary Mortgage Market Survey.

That being said, since Trump’s election on Tuesday, the yield on the 10-year Treasury, which typically drives mortgage rates, has jumped over 25 basis points, a move which wasn’t priced-in at the time of Freddie Mac’s survey.

And 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, before ramping up to 74 percent three weeks ago, has ticked up another two points to 76 percent according to an analysis of the futures market.

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