Concern in housing market as Trump effect pushes mortgage rates to 4%

screen-shot-2016-11-15-at-6-10-50-pmBy Diana Olick | CNBC

More selling in U.S. bond markets Monday pushed mortgage rates to a psychological breaking point.

The average contract rate on the popular 30-year fixed mortgage hit 4 percent, according to Mortgage News Daily, a level most didn’t expect to see until the middle of next year. Rates have now moved nearly a half a percentage point higher since Donald Trump was elected president.

“The situation on the ground is panicked. Damage control,” said Matthew Graham, chief operating officer of Mortgage News Daily. “People were trying to lock loans quickly last week and are now facing a tough choice to lock today or hope for a bounce. Many hoped for a bounce last week heading into the long weekend and we obviously didn’t get it.”

Continued:

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