So, will the presidential election really effect the US mortgage market?
Koorosh Farzad, founder of Masihi Financial Group
“After a presidential election there’s uncertainty. And when the market has uncertainty, you’re going to have rates going up. People are going to be a little bit more reserved with their next acquisitions as well. But regardless of whoever wins the president election, you’re going to have uncertainty. My belief is that if Harris ends up winning, the uncertainty, I believe will carry on a lot further. Rates would stay higher for longer. With Trump, I believe the uncertainty will only be for a couple months, and then rates will be driven lower and the economy would grow off of that stability.
“Oddly enough, most people, if you ask them, would say the reverse would happen, that you would have more certainty with Harris and uncertainty with Trump. But I actually believe it’ll be vice versa.”
Crista Lowrie, VP at First Citizens Community Bank
“I think I think it does affect it. Unfortunately, some years have been better than others, and interest rates have been much lower in prior years. Right now, we have a big inflation problem, and where that actually comes from up here, I’m not sure. However, I’m looking for something different to happen for homebuyers because income is not going up as much as the home prices are.
“Baby boomers are the biggest collection of homeowners currently and they’re not selling because there’s nowhere for them to go. So until people die, and then the family sells the house, there’s a shortage of houses that are affordable. I’m looking for some sort of change, somehow, with whoever gets voted in this time.”
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