Trump's Election Win Sparks Mortgage Rate Surge and Housing Market Concerns

Following Donald Trump's presidential victory, U.S. mortgage rates have surged, with the 30-year fixed mortgage rate reaching 7.13%, the highest since July. This rise is linked to an increase in the U.S. 10-year Treasury yield, which mortgage rates tend to follow. Consequently, housing stocks, including major builders like Lennar and D.R. Horton, have fallen sharply. The National Association of Home Builders expressed optimism about working with the new administration to address housing supply and affordability issues. Despite rising rates, existing home sales have increased due to higher inventory levels.