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).

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.