U.S. mortgage rates hit a four-month high this week, driven by concerns that President-elect Donald Trump’s proposed economic policies could fuel inflation. The average 30-year fixed-rate mortgage rose to 6.79%, up from 6.72% last week, according to Freddie Mac. This is the highest rate since July 2024, though it remains lower than the 7.50% rate from a year ago. The rise follows an increase in the 10-year Treasury note yield, which spiked after Trump’s election victory. His economic proposals, including tax cuts and tariffs, are expected to boost inflation and limit the Federal Reserve’s ability to lower interest rates.
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