Having ticked up to a 7-year high, the average rate for a benchmark 30-year mortgage slipped 10 basis points over the past week to 4.56 percent but remains 62 basis points above its average rate of 3.94 percent at the same time last year, according to Freddie Mac’s latest Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage slipped 9 basis points to 4.06 percent but remains 87 basis points above its market at the same time last year. and the average rate for a 5-year adjustable slipped 7 basis points to 3.80 percent, which is 69 basis points higher, year-over-year.
And according to an analysis of the futures market, the probability of the Fed instituting another rate next month has dropped to 84 percent.