Real Estate

Benchmark Mortgage Rate Ticks Up, Odds of an Easing Slips

The average rate for a 30-year mortgage ticked up 5 basis points over the past week to 4.17 percent, which is up 11 basis points since the end of March but remains 30 basis points below the average rate at the same time last year (4.47 percent), 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 3.62 percent (which is 32 basis points below its mark at the same time last year) while the average rate for a 5-year adjustable rate mortgage slipped 2 basis points to 3.78 percent (which is 11 basis points above its mark at the same time last year) and the inverted spread between the 5 and the 15-year rates dropped from 20 to 16 basis points.

And while the probability of the Fed instituting another rate hike by the end of the year remains at zero, or 0.3 percent to be precise, last week’s even odds of an easing have ticked down to 45 percent, according to an analysis of the futures market.

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