The average rate for a benchmark 30-year mortgage inched up 2 basis points over the past week to 4.54 percent, which is 76 basis points above its average rate of 3.88 percent at same time last year and within 12 basis points of its seven-year high (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 2 basis points to 3.99 percent, which is 91 basis points above its mark at the same time last year, while the average rate for a 5-year adjustable inched up 8 basis to 3.93 percent, which is 78 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 a rate hike on September 26 has just hit 100 percent.

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