Having moved in a narrow four basis point range since the end of 2017, the average rate for a benchmark 30-year mortgage is back to 3.99 percent, which is the highest average rate since the first quarter of 2017 and 21 basis points above last year’s low of 3.78 percent but 13 basis points below the 4.12 percent rate in place at the same time last year, 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 moved up 12 percentage points to 68 percent, according to an analysis of the futures market.