Long-term U.S. mortgage rates continued to surge this week in the aftermath of the election of Donald Trump.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed rate loan shot up to 4.03 percent, the highest since July 2015 and up from 3.94 percent a week earlier. The rate on 15-year home loans climbed to 3.25 percent, up from 3.14 percent last week and highest since January.

Long-term U.S. interest rates have climbed since Trump was elected Nov. 8 largely because bond investors believe Trump’s plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could ignite inflation.

The yield on 10-year Treasury notes has risen from 1.87 percent on Election Day to 2.38 percent Wednesday.

(AP)