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A Trump market reaction just made housing more expensive

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A Trump market reaction just made housing more expensive

“Even I was surprised to see how quickly lenders pulled back today. Different lenders have moved by different amounts, but on average, the 2 day total is 0.25 percent!” said Matthew Graham, chief operating officer of Mortgage News Daily.

For the average person buying a $200,000 home, the difference in the monthly payment from Friday to today is about $28. While that may not sound like a lot, if that buyer wanted to get the same rate today as Tuesday, that buyer would have to add $4,000 in upfront costs on the loan.

Also, higher rates make it harder for some borrowers to qualify for the loan because the debt-to-income limits may not work. It is also likely that rates could surge even higher before leveling off.

“Sometimes a simple momentum analogy is that of swimming. It’s easier to swim with the current versus against it,” Graham said.