How To Guide For: A Look At The Jump In Mortgage Rates

According to several reports mortgage rates have risen post election. The average rate of a 30-year-fixed rate mortgage has jumped to 3.94%. In the past two weeks, the rate has increased 40 basis points. Mortgage applications dropped 9.2% last week, according to The Mortgage Bankers Association. The 10-year Treasury note closed at 1.85% on Election Day. A week later, it stood at 2.24%. Higher yields make borrowing more expensive. The Refinance Index declined 11% to the lowest level since March. Now concerns over President-elect Donald Trump's proposed spending and tax cuts, are fueling volatility in the bond market. Also the Federal Reserve is set to meet in December and is expected to raise the interest rate. The interest rate increase is very much anticipated so we'll all have to watch how this will affect mortgage rates, inflation, the markets and the entire economy. To learn more about the jump in mortgage rates click the pictures below to read the articles.