The average rate for a benchmark 30-year mortgage inched back up 6 basis points (0.06 percentage points) over the past week to 7.18 percent and is back to within 5 basis points of a 22-year high.
That being said, the current 30-year rate is still below its long-term average of 7.74 percent and not historically “high,” with the probability of an easing by the Fed by the end of this year having dropped to 0 percent, versus a 41 percent chance of another rate hike, none of which should catch any plugged-in readers by surprise.
UPDATE: The average rate for a benchmark 30-year mortgage inched up another (1) basis point (0.01 percentage point) over the past week to 7.19 percent and is back to within 4 basis points of its 22-year high with the probability of an easing by the Fed by the end of this year holding at 0 percent and the probability of a hike having ticked up to 45 percent, none of which should catch any plugged-in readers by surprise.