Mortgage rates look poised to stay stubbornly high following Donald Trump’s White House win – despite the Federal Reserve’s interest rate cuts and the president-elect’s pledges to cut homebuyers a break.
After Trump’s sweeping win on Wednesday, 30-year fixed mortgage rates briefly surged before settling at 6.98% the next day, according to Mortgage News Daily. On Friday, they settled at 6.92%.
That’s bad news for house hunters, who had hoped the Fed’s recent interest rate cuts would finally ease mortgage rates, which surged during the pandemic as government stimulus helped kickstart inflation on everything from groceries to cars.
The problem: While mortgages can often align with the Fed’s key lending rates, they are more directly tied to 10-year treasury bond yields. These treasury yields often spike on reports of strong economic growth, which can cause inflation.
The US 10 Year Treasury – which jumped to 4.475% on Wednesday – closed on Friday at 4.302%. […]
— Read More: nypost.com
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