According to financial app site, Trump's victory has driven up the U.S. 10-year Treasury notes yield, and the related mortgage rates have also risen.

According to Mortgage News Daily data, the average rate for a 30-year fixed-rate mortgage surged 9 basis points on Wednesday to 7.13%, the highest level since July 1st this year, although the increase was lower than some expectations.

Matthew Graham, Chief Operation Officer of Mortgage News Daily, said: "Before the election, bond traders' expectations were that if Trump won, especially with a comprehensive Republican victory, rates would rise. Although the latter is not yet certain, the former has already been enough to push rates up again in the background of Trump's expected victory.

The property stock market subsequently fluctuated, with major listed builders and building material companies' stock prices all experiencing significant declines. Lennar Corp (LEN.US), D.R. Horton (DHI.US), and PulteGroup (PHM.US) all plummeted by over 4% during Wednesday's trading, while home improvement retailers Home Depot (HD.US) and Lowe’s (LOW.US) also saw drops of over 3% each.

John Burns, CEO of John Burns Real Estate Consulting, pointed out, "Builder stocks are highly sensitive to mortgage rates and rate expectations. The current rising inflation expectations have affected long-term rates."

Although Trump has not presented specific housing policies, he has mentioned relaxing regulations and opening up federal land for increasing residential construction.

The National Association of Home Builders (NAHB) congratulated Trump and released a statement by the association's chairman, Carl Harris: "NAHB looks forward to working with the incoming Trump administration and leaders of both parties in Congress to advance legislation and regulatory agenda that supports housing construction, increases national housing supply, and eases housing affordability pressure."

Large builders have been lowering mortgage rates for homebuyers, but this has also reduced their profits.

Mortgage rates hit a recent low of 6.11% on September 11, but have been steadily rising since then, despite the recent Fed rate cut. Mortgage rates do not directly follow the Fed's rate changes, but react to the Fed's outlook on the economy. Stronger than expected economic reports in September and October have driven the rise in bond yields and mortgage rates.

Unusual growth in new home sales has been seen this autumn. According to data from the National Association of Realtors, contracts signed in September (pending sales) increased by 7% compared to August, when rates had not yet significantly risen.

The increase in sales is mainly attributed to the rise in supply. Data from Realtor.com shows that active listings in October increased by 29.2% compared to the same period last year, reaching the highest level since December 2019.

Graham added, "No one knows the future trends, it will ultimately depend on inflation, economic conditions, and the volume of government bond issuance."