Having briefly dipped below 4 percent two weeks ago, the average rate for a benchmark 30-year mortgage has inched back up to 4.02 percent.
While that’s 41 basis points above the 3.61 percent average rate in place at the same time last year, and 61 basis points above last year’s 3.41 percent low, the current average rate remains 28 basis points below the rate in place prior to the Fed’s second rate hike in March, according to Freddie Mac’s Primary Mortgage Market Survey data.
And according to an analysis of the futures market, the probability of the Fed’s third rate hike occurring in June has ticked up to 78 percent.
UPDATE: The 30-year mortgage rate continues to hold around 4 percent, having inched up 3 basis points to an average rate of 4.05 percent over the past week.