Mortgage rates were unchanged on Monday: The average 30-year mortgage rate is 3.49%, which equates to a $448.49 monthly payment per $100,000 borrowed. A month ago, the equivalent payment would have been lower by $3.34.

If you were to opt for a shorter term, the average 15-year mortgage rate is 2.74%, which equates to a $678.15 monthly payment per $100,000 borrowed. A month ago, the equivalent payment would have been lower by $4.75.

Rate (National Average)

Today

1 Month

30-Year Fixed Jumbo

4.10%

4.37%

30-Year Fixed

3.49%

3.43%

15-Year Fixed

2.74%

2.64%

30-Year Fixed Refi

3.51%

3.47%

15-Year Fixed Refi

2.76%

2.66%

5/1-ARM

2.99%

2.94%

5/1-ARM Refi

3.13%

3.05%

Data source: Bloomberg.

Mortgages: The Trump phenomenon

Mortgage rates were broadly unchanged on Monday as the U.S. prepares to go to the ballot boxes. Similarly, the CBOE Volatility Index (VOLATILITYINDICES:^VIX) -- the VIX -- was down 18% at 2:37 p.m. EST; the VIX tracks the market's expectations of stock market volatility over the coming 30 days.

And speaking of volatility, mortgage-backed securities strategists at Morgan Stanley wrote in a client note today that the "most important implication" of a Trump victory for the mortgage basis would be a spike in volatility. The mortgage basis is the incremental yield on mortgage-backed securities above the yield on their risk-free benchmark. The mortgage basis is one of the key data points that banks look at in setting mortgage rates.

Morgan Stanley also suggested that a Trump victory would increase the likelihood of change at government-sponsored entities Fannie Mae and Freddie Mac, including more privatization of the mortgage market, which would be "basis negative" (i.e., it would lower the incremental yield on mortgage securities).