The average rate for a benchmark 30-year mortgage ticked up another 5 basis points over the past week to 4.65 percent, which is 82 basis points above its mark at the same time last year and within 1 basis points of the seven-year high rate of 4.66 percent which it hit this past May, according to Freddie Mac’s latest Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage ticked up 5 basis points as well to 4.11 percent, which is 98 basis points above its mark at the same time last year, while the average rate for a 5-year adjustable slipped 1 basis point to 3.92 percent but remains 75 basis points higher on a year-over-year basis.
And according to an analysis of the futures market, the probability of the Fed rolling out another rate hike at the end of this month is still holding at 100 percent.