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.

One thought on “Mortgage Rates Inch up along with Probability of Next Rate Hike”
  1. 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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