The average rate for a benchmark 30-year mortgage slipped 2 basis points over the past week to 4.55 percent but remains 67 basis points higher on a year-over-year basis and within 11 basis points of the seven-year high of 4.66 percent it hit last month, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, while the average rate for a 15-year fixed mortgage held at 4.04 percent, which is still 87 basis points above its mark at the same time last year, the average rate for a 5-year adjustable inched up 4 basis points to 3.87 percent, which is 70 basis points above its mark at the same time last year and a seven-year high.

And yes, an overall flattening of the yield curve is starting to raise concern.

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