Having slipped at the end of October, the average rate for a benchmark 30-year mortgage increased 11 basis points over the past week to 4.94 percent, which is 104 basis points (1.04 percentage points) above its mark at the same time last year, the highest average rate since the first quarter of 2011 and within 11 basis points of an eight-year high, according to Freddie Mac’s latest Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage increased 10 basis points to 4.33 percent, which is 109 basis points above its mark at the same time last year and already an eight-year high, and the average rate for a 5-year adjustable also increased 10 basis points to 4.14 percent, which is 92 basis points above its mark at the same time last year and an eight-year high as well.

And according to an analysis of the futures market, the probability of the Fed instituting another rate hike by the end of this year has ticked up to 80 percent.

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