November 10th, 2016 4:22 PM by Dana Bain
Hold onto your
seats, folks, because mortgage rates are going on a wild ride after the
election. Thirty-year fixed rates skyrocketed by nearly a quarter of a
percentage point, while 15-year rates and 5/1 ARM loans jumped
significantly on Thursday.
If there’s one
thing investors hate, it’s uncertainty. And there’s plenty of that
going around in the bond markets, because no one is sure what a
Donald Trump administration has in store.
On Wednesday, the 10-year Treasury yield
closed above 2%, about 25 basis points higher than it was before Tuesday’s
election. It’s also the highest yield since January, according to
Freddie Mac’s weekly survey of mortgage rates, released today.