CNBC's Diana Olick reports on the sudden rise in mortgage rates in response to the election of Donald Trump:

Call it a grand irony. Donald Trump rode to victory on an electorate looking for a better economy and a better standard of living, but the financial market reaction caused a huge spike in mortgage interest rates. That just threw a big wrench into affordability for homebuyers.

Investors piled into the U.S. stock market post-election and pulled out of bond markets, causing bond yields to surge. Mortgage rates loosely follow the yield on the 10-year Treasury.

In turn, the average contract interest rate on the popular 30-year fixed loan jumped a quarter of a percentage point in the last two days, from 3.60 percent to 3.85 percent according to Mortgage News Daily.

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