The average rate for a benchmark 30-year mortgage slipped 4 basis points over the past week to 4.40 percent but remains 30 basis points higher than the average rate in place at the same time last year (4.10 percent) and within 18 basis points of a 5-year high (4.58 percent), according to Freddie Mac’s Primary Mortgage Market Survey data.

At the same time, the average rate for 15-year fixed mortgage slipped 3 basis points to 3.87 percent, which remains 51 basis points higher than at the same time last year, and the average rate for a 5-year adjustable slipped 4 basis points to 3.62 percent but remains 43 basis points higher on a year-over-year basis and within 15 basis points of a 7-year high.

And according to an analysis of the futures market, the probability of the Fed instituting a rate hike in June, having signaled expectations for a total of seven hikes over the next three years, is currently holding at 80 percent.

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