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The Elections Effect on Rates

What effects will the surprising results of th election have on mortgage rates?

Since last week’s election interest rates are on the rise. The market is experiencing uncertainty which is causing mortgage interest rates to move up.

Mortgage rates tend to follow yields on the 10 year treasury note which saw an unusually rapid rise last week from 1.83% to 2.01% over the course of a day.

Last week the 30 year fixed rate mortgage rose to 3.73% from 3.69% according to Bankrates survey of large lenders.  If you are looking to refinance now is the time as economists predict rates to only go up.

One theory as to why interest rates went up in reaction to Trump’s surprising victory is the anticipation of more government borrowing to build promised infrastructure that could increase the budget deficit. The other theory is that foreigners are selling American bonds for fear of default.

 

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About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Greg Smith, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.