Interest rates post Trump election have surprised just about everyone.
It’s been a long time since anyone lender was quoting conventional conforming 30-yr fixed mortgage rates at 4% or higher for their best customers, but as of yesterday, every mortgage lender is doing so.
If you were on the fence for a refinance. You just lost, and should seriously consider locking now if it even remotely still makes sense.
If you were in the market to buy a house, rates are still great, and there is no reason not to buy a home. But consider the average $230,000 home here in Minnesota will cost you $50 more per month at a 4.00% rate versus a 3.625% rate.
Why have mortgage interest rates gone up?
There are a lot of factors, but the biggest is simply the markets are feeling good about the direction of the country with the Donald Trump election. This has sparked the stock market, which has seen very nice gains. When stocks are good, mortgage rates are bad. When stocks are bad, mortgage rates are good.