Mortgage Rates on the Move as Odds of a Rate Hike Hold

The average rate for a benchmark 30-year mortgage ticked up another 6 basis points over the past week to 3.91 percent which is 44 basis points above the 3.47 percent rate in place at the same time last year and 50 basis points above last year’s low of 3.41 percent, according to Freddie Mac’s Primary Mortgage Market Survey data.

And the probability of the Fed instituting another rate hike by the end of the year, which had dropped to around 30 percent early last month before rocketing two weeks ago, is holding around 88 percent according to an analysis of the futures market.