The average rate for a benchmark 30-year mortgage inched up 5 basis points over the past week to 4.04 percent, which is 5 basis points below the 4.09 percent rate in place at the same time last year but the highest rate in eight months and 26 basis points above last year’s low of 3.78 percent, according to Freddie Mac’s Primary Mortgage Market Survey data.
At the same time, the probability of the Fed raising the federal funds rate this March has ticked up another 6 percentage points to 74 percent, according to an analysis of the futures market.