The average rate for a benchmark 30-year mortgage jumped 11 basis points over the past week to 4.15 percent which is still 4 basis points below the 4.19 percent rate in place at the same time last year but the highest rate in ten months and 37 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 in March has moved up another 6 percentage points to 80 percent, according to an analysis of the futures market.