Real Estate

Benchmark Mortgage Rate Jumps, Nearing an Eight-Year High

The average rate for a benchmark 30-year mortgage jumped 18 basis points over the past two weeks to 4.90 percent, which is now 99 basis points above its mark at the same time last year, the highest average rate since April of 2011 and within 15 basis points on an eight-year high, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage jumped 13 basis points to 4.29 percent, which is 108 basis points (1.08 percentage points) above its mark at the same time last year, which equals its eight-year high, and the average rate for a 5-year adjustable jumped up 10 basis points as well to 4.07 percent which is 91 basis points above its mark at the same time last year and an eight-year high.

And according to an analysis of the futures market, the probability of the Fed instituting another rate hike by the end of this year is currently running around 83 percent.




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