Having ticked up 51 basis points since the beginning of the year, the average rate for a benchmark 30-year mortgage slipped 2 basis points over the past week to 4.44 percent but remains 14 basis points higher on a year-over-year basis and within 14 basis points of a 5-year high (4.58 percent), according to Freddie Mac’s Primary Mortgage Market Survey data.
At the same time, the average rate for 15-year fixed mortgage slipped 4 basis points to 3.90 percent but remains 40 basis points higher than at the same time last year while the average rate for a 5-year adjustable inched up 4 basis points to 3.67 percent which is 39 basis points higher on a year-over-year basis and within 11 basis points of a 7-year high.
And according to an analysis of the futures market, the probability of the Fed raising the federal funds rate next week has ticked up from 86 to 92 percent.