Mortgage rates surge higher on Trump victory, causing housing stocks to fall

President-elect Donald Trump's victory spurred a rise in in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing. The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this year, though not quite the surge some had expected. "The expectation among bond traders coming into the election was that rates would move higher in the event of a Trump vic ...