Mortgage Rates Slip, Probability of a Rate Hike Hits 98 Percent
The average rate for a benchmark 30-year mortgage slipped 7 basis points over the past two weeks to 4.53 percent but remains 64 basis points above its mark at the same time last year and within 13 basis points of the seven-year high (4.66 percent) which it hit in May, according to Freddie Mac’s latest Mortgage Market Survey data.
The average rate for a 15-year fixed mortgage slipped 7 basis points as well to 4.01 percent but remains 85 basis points higher on a year-over-year basis. And the average rate for a 5-year adjustable has slipped 6 basis points over the past two weeks to 3.93 percent but remains 71 basis points above its mark at the same time last year.
At the same time, the probability of the Fed instituting a rate hike in September has ticked up to 98 percent, according to an analysis of the futures market. Read more on the @bethanywpatten blog.
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