Donald Trump’s surprise presidential victory triggered a sudden and unexpected increase in mortgage rates, but those higher home loan costs aren’t likely to cool prices in the red-hot Portland housing market.
The average interest rate on a 30-year fixed-rate loan has climbed to 4.10 percent, the highest since July 2015, according to MortgageNewsDaily.com. That’s up by about half a percentage point since the Nov. 8 election. The rate of increase matched that of the 10-year Treasury yield, which rose after investors moved billions of dollars from bonds into the booming stock market. Changes in the two rates typically track together.