Since last week's election, the benchmark 10-year Treasury has gone from a yield of 1.80 to 2.30 percent. It has moved higher with the dollar, which is up about 2.5 percent against a basket of currencies. The 30-year bond yield crossed the psychological 3 percent level Monday.

Mortgages and other financing are based on the 10-year, and fixed-rate and other mortgages are already on the rise. The 30-year fixed rate mortgage is also up a half percent since Trump was elected. It jumped an eighth of a point Monday, to the psychologically important 4 percent level.