Rates moved higher Friday in extremely volatile trading. The recent spike in mortgage rates has been driven almost entirely by the expectation that policy changes under a Trump administration will be positive for stocks and negative for bonds. Greater fiscal stimulus resulting from increased infrastructure spending, tax cuts, and regulatory relief raises the outlook for future inflation. Increased inflation causes investors to demand higher yields on fixed income securities, such as government bonds and mortgage-backed securities (MBS). Higher yields on MBS’s lead to higher mortgage rates. No key economic data will be released today.