Having ticked up 6 basis points over the past week, the average rate for a benchmark 30-year mortgage now measures 4.61 percent, which is 59 basis points higher than the 4.02 percent rate in place at the same time last year and the highest average rate since May of 2011, according to Freddie Mac’s Primary Mortgage Market Survey data.

At the same time, the average rate for 15-year fixed mortgage ticked up 7 basis points to 4.08 percent, which is 81 basis points higher on a year-over-year basis and a 7-year high, and the average rate for a 5-year adjustable ticked up 5 basis points to 3.82 percent, which is 69 basis points higher versus the same time last year and a 7-year high as well.

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

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