U.S. mortgage rates again made a post-election surge, according to Freddie Mac.Long-term U.S. interest rates have climbed since Trump was elected Nov. 8. That is largely because bond investors believe the president-elect's plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could ignite inflation. When they foresee rising inflation, investors demand higher long-term rates and pay lower prices for bonds. According to Mortgage giant Freddie Mac Wednesday saw the average rate on a 30-year fixed rate loan shot up to 4.03%, the highest since July 2015 and up from 3.94% a week earlier.
The rate on 15-year home loans climbed to 3.25%, up from 3.14% last week and highest since January.A measure of U.S. mortgage application activity fell last week to its lowest level since early January as 30-year mortgage rates rose to their highest since July 2015, data from the Mortgage Bankers Association showed on Wednesday.
Since Donald Trump’s surprise victory, average rates for a 30-year, fixed-rate mortgage have leapt by more than half a point, to 4.18% on Wednesday. Rates still remain low by historical standards, but are now at their highest level since June 2015, according to MortgageNewsDaily.com
The 30-year fixed mortgage averaged 4.03 percent for the week ending Nov. 23, up from 3.94 percent the previous week.In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”
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