Mortgage Rates Rise in November Amid Post-Election Market Volatility

Mortgage rates climbed in November, driven by market volatility and a surge in Treasury yields following the recent elections. On the day after the election results, the 10-year Treasury yield spiked by 14 basis points (bps), setting the stage for further rate increases throughout the month.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage increased 38 basis points from October, reaching 6.81%. Meanwhile, the 15-year fixed-rate mortgage saw an even steeper increase of 43 bps to land at 6.03%.

The 10-year Treasury yield, a key benchmark for mortgage rates, averaged 4.37% in November — 38 bps higher than October’s average. This increase reflected heightened market uncertainty and persistent volatility.

NAHB Economist Catherine Koh shares forecasts for how these rates may be impacted following the activities of the Dec. 17-18 meeting of the Federal Reserve in this Eye on Housing post.