The average rate for a benchmark 30-year mortgage inched up 2 basis points over the past week to 3.85 percent, which is now 43 basis points above the 3.42 percent rate in place at the same time last year and 44 basis points above 2016’s 3.41 percent low, according to Freddie Mac’s Primary Mortgage Market Survey data.

At the same time, the probability of the Fed instituting another rate hike by the end of the year has jumped from 76 percent two weeks ago to 88 percent today, which is up from around 30 percent early last month, according to an analysis of the futures market.

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