The average rate for a benchmark 30-year mortgage jumped 15 basis points (0.15 percentage point) over the past week to 6.96 percent, which is 145 basis points higher than at the same time last year; over 431 basis points higher than its all-time low of 2.65 percent in early 2021; and within 12 basis points of its 21-year high, but still below its long-term average of 7.74 percent.

At the same time, the average rate for a 30-year jumbo loan has ticked back over 7 percent, which is the highest average jumbo rate in over 12 years, with the probability of another rate hike by the Fed later this month now hovering around 95 percent and the odds of an easing this year still hovering around one (1) percent, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.

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