Bond yields on Gov't bonds are increasing in response to the Trump victory. This is pushing mortgage rates higher despite the Fed announcing a 25 bps rate cut today. Mortgage rates typically follow interest rates the Fed sets but it really tracks the bond yields. Those are increasing because Trump is expected to blindly slap tariffs everywhere which is inflationary. The cost gets passed to the consumer.
Wall Street is essentially pricing inflation increase due to a result of Trump's expected direct policy and actions. As a result, mortgage rates are increasing which in itself isn't good for people wanting to refinance to save money, or for homebuyers, builders and construction either.
If these tariffs are blindly applied everywhere, I would expect to see massive price hikes in food imported from Mexico, like avocados, tomatoes cauliflower & broccoli, onions, beans, pineapple, carrots, asparagus, garlic and much more.
Then there's the manufactured consumer grade crap form China, all of that will skyrocket in price. Even the "Made in the USA" stuff will go way up, because they use get the parts from China or process raw materials there.
The tariffs are speculatory because nothing has changed. But the mortgage rates are absolutely rising to highs right now.