The housing market’s latest threat


A spike in Treasury yields since last week’s election already has had an impact on home-lending rates

By Steven Russolillo | The Wall Street Journal

Cheap mortgages were never going to last forever, but few expected this.

A spike in Treasury yields since last week’s election has had a rapid impact on home lending rates. The average 30-year fixed-mortgage rate was 4.02% on Tuesday, up nearly half a percentage point since the election, according to Mortgage News Daily.

That marks the fastest gain in a three-day period since the so-called taper tantrum in May and June 2013, when rates spiked and home sales slumped after the Federal Reserve signaled intentions to start scaling back its stimulus programs.

Concern is rising in the wake of the presidential election that higher rates will crimp the housing market.

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