Having jumped 62 basis points over the past four months to 4.16 percent today, which is 54 basis points above the 3.62 rate in place at the same time last year, the average rate for a benchmark 30-year mortgage has been holding within a narrow 4 basis point range over the past month, according to data from Freddie Mac’s Primary Mortgage Market Survey.
At the same time, while the Fed’s three predicted rate hikes this year won’t directly translate into quarter-point hikes in mortgage rates, the probability of a hike as early as May is now better than even (52 percent) with a 70 percent chance that it happens in June, according to an analysis of the futures market.