The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily.
"The expectation among bond traders coming into the election was that rates would move higher in the event of a Trump victory and especially a red sweep. While the latter is not yet clear, the former is enough for another bump to rates that have already risen abruptly with Trump's victory odds," said Matthew Graham, chief operating officer at Mortgage News Daily.
The National Association of Home Builders congratulated the president-elect with a statement from its chairman, Carl Harris, saying, "NAHB looks forward to working with the incoming Trump administration and leaders in Congress from both parties to enact a pro-housing legislative and regulatory agenda that increases the nation's housing supply and eases the nation's affordability woes.
To put it in perspective for consumers, a homebuyer purchasing a $400,000 home with a 20% down payment on a 30-year fixed mortgage, would have had a monthly payment of $1,941 in early September. Today that payment would be $2,157, a difference of $216.