Mortgage rates rising

Trump’s win has strong effect on housing market

FILTRATION: Parker Hannifin to buy Clarcor

Parker Hannifin is buying Clarcor, a maker of mobile, industrial and environmental filtration products, in a deal valued at about $4.03 billion so it can expand its filtration portfolio. Parker Hannifin Corp. will pay $83 for each Clarcor share. Clarcor’s annual sales are about $1.4 billion. The company, whose brands include Baldwin, Airguard, Altair and its namesake, will be combined with Parker’s filtration group once the deal closes.

While much attention has been focused on the surge in the U.S. stock market in the aftermath of the election of Donald Trump as president, his win also is having a profound effect in the housing market.

Long-term U.S. mortgage rates marked a fourth week of surges in the aftermath of Trump’s victory, reaching their highest levels this year.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate loan rose to 4.08% from 4.03% the previous week. The benchmark rate topped its 3.93% level of a year ago.

The rate on 15-year home loans, a popular choice for people who are refinancing, jumped to 3.34% from 3.25%.

Mortgage and real estate pros in the Milwaukee area say the numbers aren’t necessarily surprising or concerning — for now.

The stock market has been streaking higher and the bond market has been headed in the opposite direction. When bond prices fall, their interest rates rise.

“The downside of that is higher mortgage rates,” said