In light of the recent election, longer-term rates surged as investors anticipate stronger economic growth, inflation increases, and larger deficits, significantly impacting mortgage applications.
While the election clearly influenced market rates, it's important to note that economic data and investor behavior have also been important factors affecting long-term Treasury yields.
Despite the Federal Reserve's decision to lower the federal funds rate by 25 basis points, there remains uncertainty as Fed Chair Jerome Powell refrained from providing guidance on future rate cuts.
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