In a move that shouldn’t catch any plugged-in readers by surprise, the average rate for a 30-year mortgage rocketed up 37 basis points over the past week to 3.94 percent, which is the highest average rate in eleven months but still 3 basis points below the 3.97 percent rate in place at the same time last year, according to Freddie Mac’s 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, before ramping up to 74 percent four weeks ago, has jumped to 91 percent according to movements in the futures market.
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