The average rate for a benchmark 30-year mortgage jumped 11 basis points over the past week to 4.58 percent, which is 55 basis points higher than the 4.03 percent rate in place at the same time last year and an effective 7-year high, matching the 4.58 percent average rate last seen in August of 2013, which was the highest since a 4.60 percent average rate in July of 2011, according to Freddie Mac’s Primary Mortgage Market Survey data.

At the same time, the average rate for 15-year fixed mortgage has ticked up another 8 basis points to 4.02 percent, which is 75 basis points higher than at the same time last year (3.27 percent) and a 7-year high, while the average rate for a 5-year adjustable has ticked up another 7 basis points to 3.74 percent, which is 62 basis points higher on a year-over-year basis and a 7-year high as well.

And according to an analysis of the futures market, the probability of the Fed instituting another rate is holding at 100 percent with expectations for another six hikes to follow over the next three years.

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