The average rate for a benchmark 30-year mortgage inched up a single (1) basis points over the past week to 4.53 percent, which is 50 basis points higher on a year-over-year basis and within 13 basis points of its seven-year high of 4.66 percent which it hit in May, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage inched up 3 basis points to 4.02 percent, which is 73 basis points above its mark at the same time last year, and the average rate for a 5-year adjustable jumped 12 basis points to 3.86 percent, which is 58 basis points above its mark at the same time last year and within 1 basis point of its seven-year high.

And according to an analysis of the futures market, the probability of the Fed instituting a rate hike in August has ticked up to 87 percent.

Comments from Plugged-In Readers

  1. Posted by bachman_erlich_overdrive

    Good time to look at muni closed end funds that have sold off (too) hard with rates.

    I like NBW at 84% of NAV.

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