Mortgage
How will the election impact mortgage rates?
– Mortgage rates have been increasing, impacting homebuyers and sellers who secured lower rates in the past
– Inventory shortages are leading to higher home prices, keeping potential buyers on the sidelines
– Federal Reserve’s tight monetary policy has increased borrowing costs for Americans, with the average 30-year mortgage rate at 6.87%
– Election may not have a significant impact on mortgage rates, as the Federal Reserve is independent of politics
– Uncertainty post-election may lead to lower interest rates, but major policy changes could keep rates high if one party controls both Congress and the Presidency
– Homebuyers and sellers should focus on what they can control, like setting a budget, cleaning up credit, and preparing for potential rate fluctuations. Buying a home for the long term can still be a good investment.
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