The day before Thanksgiving isn't typically a busy time in the home mortgage business. Then again, it isn't a typical year.
First, there was real estate developer Donald J. Trump's surprising victory in the presidential election.
Then interest rates for mortgages spiked to more than 4 percent — rising faster in the days since the election than they have in more than three years, when fretting over their persistently low levels has consumed economists, policymakers and investors alike.
That partly explains why C. Stuart Kiehne, president of Annapolis-based Redwood Mortgage Services, was in his office Wednesday, running numbers for clients newly concerned they would miss their shot at favorable rates.
"I'm just taking care of the panicky people that all want to lock in," he joked.
The surge in interest rates that followed Trump's win signaled the incoming president's market-moving power. But analysts said that for home sales and residential construction — a sector that fuels more than 15 percent of the country's economy — it's not clear how Trump might affect the market. Source: baltimoresun
First, there was real estate developer Donald J. Trump's surprising victory in the presidential election.
Then interest rates for mortgages spiked to more than 4 percent — rising faster in the days since the election than they have in more than three years, when fretting over their persistently low levels has consumed economists, policymakers and investors alike.
That partly explains why C. Stuart Kiehne, president of Annapolis-based Redwood Mortgage Services, was in his office Wednesday, running numbers for clients newly concerned they would miss their shot at favorable rates.
"I'm just taking care of the panicky people that all want to lock in," he joked.
The surge in interest rates that followed Trump's win signaled the incoming president's market-moving power. But analysts said that for home sales and residential construction — a sector that fuels more than 15 percent of the country's economy — it's not clear how Trump might affect the market. Source: baltimoresun
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