The average rate for a benchmark 30-year mortgage held at 4.55 percent over the past week but remains 50 basis points above the 4.05 percent rate in place at the same time last year and within 5 basis points of an effective 7-year high, according to Freddie Mac’s Primary Mortgage Market Survey data.
At the same time, the average rate for 15-year fixed mortgage slipped 2 basis points to 4.01 percent but remains 72 basis points higher than at the same time last year (3.29 percent) while the average rate for a 5-year adjustable ticked up another 8 basis points to 3.77 percent, which is 63 basis points higher on a year-over-year basis and a 7-year high as well.
And according to an analysis of the futures market, the probability of the Fed instituting another rate next month is currently holding at 100 percent with expectations for another six hikes to follow over the next three years.