The average rate for a benchmark 30-year mortgage slipped 4 basis points over the past two weeks to 3.90 percent, which is 33 basis points above the 3.57 percent rate in place at the same time last year and 49 basis points above last year’s low of 3.41 percent, 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, which had dropped to around 30 percent in September before starting to rocket last month, has hit 100 percent according to an analysis of the futures market.

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