The average rate for a benchmark 30-year mortgage has ticked up 7 basis points over the past two weeks to 4.47 percent, which is the highest rate so far this year, 50 basis points higher than at the same time last year (3.97 percent), and within 11 basis points of a 5-year high (4.58 percent), according to Freddie Mac’s Primary Mortgage Market Survey data.

The average rate for 15-year fixed mortgage has ticked up 7 basis points as well to 3.94 percent, which is 71 basis points higher than at the same time last year (3.23 percent), and the average rate for a 5-year adjustable has ticked up 5 basis points to 3.67 percent, which is 57 basis points higher on a year-over-year basis and within 10 basis points of a 7-year high.

And according to an analysis of the futures market, the probability of the Fed instituting another rate hike in June has jumped to 100 percent with expectations for another six to follow over the next three years.

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