So will the presidential election really impact the US mortgage market?
Kourosh Farzad, founder of Masihi Financial Group
“There’s uncertainty after a presidential election. And when there’s uncertainty in the market, interest rates go up. I think people will be a little more cautious about their next acquisition as well. But with the presidential election… No matter who wins, uncertainty will remain.My belief is that if Harris ultimately wins, Trump rates will remain high for a long time. With the president, I think there will only be a few months of uncertainty, after which interest rates will be lowered and the economy will grow from that stability.
“Oddly enough, if you ask most people, they’ll say the opposite happens, with more certainty in the case of Harris and more uncertainty in the case of Trump. But in reality, the opposite is true. I believe it will.”
Krista Rowley, Vice President, First Citizens Community Bank
“I think that’s having an impact. Unfortunately, some years have been better than others and interest rates have been much lower than they used to be. We have a big inflation problem right now, but… I don’t know where that is actually coming from. But I would like to see something different happen for homebuyers because incomes don’t go up as much as home prices.
“Baby boomers are now the largest group of homeowners, but they’re not selling because they have nowhere to go. So until people die and their families sell their homes, there will be a shortage of affordable housing.” So no matter who votes this time, I want some kind of change.”
