The benchmark 15-year fixed-rate mortgage rose to 2.97 percent from 2.96 percent
November 14, 2016: Mortgage rates have quickly surged ever since Trump was declared the victor of the US presidential election. Rates modestly changed, with the benchmark 30-year fixed mortgage rate rising to 3.73 percent, according to Bankrate.com’s weekly national survey.
After results of the elections came out, financial markets expected turmoil. However, Trump’s acceptance speech soothed investors who were previously sceptical about a Trump victory.
The prospects of higher government spending and more government borrowing for infrastructure improvements sent long-term Treasury yields racing higher. The 10-year Treasury note yield soared above 2 percent on November 8, closing at 2.07 percent, the highest since January 22.
The benchmark 15-year fixed-rate mortgage rose to 2.97 percent from 2.96 percent while the benchmark 5/1 adjustable-rate mortgage rose to 3.15 percent from 3.14 percent.