The average rate on a 30-year mortgage rose to 6.79 percent this week, the highest since July, with a significant increase linked to Trump's election.
As soon as rates began to rise in early October, purchase applications fell, indicating a strong correlation between mortgage rates and home-buying demand.
Investors are worried that Trump’s proposals could ignite inflation and interest rate increases, prompting a significant jump in Treasury yields this week.
Many potential sellers are locked into low pandemic rates around 3 percent, creating a stalemate in the housing market amid rising rates.
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