When President Trump was elected, mortgage rates shot up overnight. A combination of his own rhetoric regarding the Federal Reserve and the fact that the economy continues to improve led many to believe that our historically low borrowing costs would be coming to an end.
It looks as if some of those chickens are now coming home to roost. Home refinancing, which is part of the two-pronged attack that keeps the mortgage business humming — along with actual home purchases, is expected to drop around 20% in 2017.
Image source: Pixabay.