Mortgage rates rose Wednesday morning as financial markets reacted to Republican nominee Donald Trump winning the presidential election.

The 30-year mortgage rate inched up 9 basis points Wednesday after Trump secured enough electoral votes to defeat Vice President Kamala Harris, the Democratic nominee.

“We should expect more volatility in the housing market in the near term,” Lisa Sturtevant, the chief economist at Bright MLS, said in a statement.

Trump’s policies can be expected to push rates higher through the end of this year and into 2025, she added.

“Bond yields are rising because investors expect Trump’s proposed fiscal policies to widen the federal deficit and reverse progress on inflation,” Sturtevant said.

Mortgage rates rise and fall in tandem with the 10-year Treasury note BX:TMUBMUSD10Y, and the yield on the 10-year Treasury note has jumped higher following Trump’s victory.

Read more: 30-year bond yield on pace for biggest rise since 2020 after Trump wins

For his part, Trump has vowed to bring down housing costs, which include mortgage rates.

Mortgage rates have surged under President Joe Biden’s administration, as the Federal Reserve embarked on a battle to control rampant inflation by tightening monetary policy.

In a recent rally in Arizona, Trump said that he was planning to “drive” down the 30-year mortgage rate to 2% “very fast” to help average American home buyers and homeowners looking to refinance.

He also falsely claimed that the 30-year mortgage rate was averaging 10%, 11% and 12%. The 30-year mortgage rate was last at 10% in 1990, per Freddie Mac data .

The president does not control interest rates, although Trump has suggested that presidents should have more sway over the Fed, which sets monetary policy.