Markets Start Day in Cahoots Over Trump's Win

Stocks and mortgage rates are in cahoots today. The uncertainty of what a new President Trump will bring would typically have sent mortgage rates to new lows…but that’s not what we’re currently seeing. In fact, rates have jumped. It’ll be interesting to follow over the next couple days and weeks.

CNBC and others have been all over the December rate hike to be off the table.

Yesterday, we polled on our Hall Financial twitter account, which candidate would be better for housing. With a 92 percent, Trump was the favored candidate. In his acceptance speech very early this morning (late last night?), he declared himself a hard worker who doesn’t want to wait to get started on making America great again. He’s called upon Clinton and Obama to help with his entry into the White House. Again, it’ll be interesting to see how this plays out across America once the shock has worn off, people gain an open mind, and Trump takes office. Clinton even said, we owe him a chance and an open mind. For the sake of this country, she’s right, we do. Let’s root for him to prove half the country wrong by making a positive impact on our country—we owe it to ourselves and to America’s youth. 

The weekly Mortgage Bankers Association released their data for mortgage applications and purchases for last week were up 1 percent, up 11 percent year over year. Refinances, however, were once again down, falling 3 percent. Total volume fell 1.2 percent from the previous week. Overall, we’re still seeing purchase activity for this year as being stronger than that of 2015.