The average rate for a benchmark 30-year mortgage inched back up 4 basis points (0.04 percentage point) over the past week to 6.71 percent, which is 101 basis points higher than at the same time last year and over 400 basis points higher than its all-time low of 2.65 percent in early 2021 but over 100 basis points below its long-term average of 7.74 percent.
At the same time, the probability of another rate hike by the Fed next month is nearing 90 percent and the odds of an easing this year have dropped to under one (1) percent, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
UPDATE: The average rate for a benchmark 30-year mortgage ticked up 10 basis points (0.10 percentage point) over the past week to 6.81 percent, which is the highest average rate this year, 151 basis points higher than at the same time last year, and 416 basis points higher than its all-time low of 2.65 percent in early 2021 but still well below its long-term average of 7.74 percent, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.