Vice President Kamala Harris is the favored presidential candidate when it comes to addressing the lack of affordability of the US housing market, while former President Donald Trump is seen as more favorable to investors in the stock markets and cryptocurrency. This is evident from the results of a recent study performed by Bloomberg.
Less than a week after Election Day, the presidential race remains too close to call. But if the economy remains the “north star” for voters, an analysis of economic sentiments shows that their perspectives are somewhat nuanced.
“The stock market, which is up about 22% so far in 2024, is likely to gain momentum faster under Trump than under Harris,” Bloomberg said. “About 38% of the 350 respondents to the Bloomberg Markets Live Pulse survey see gains a year from now accelerating under the Republican candidate, compared to 13% under the Democrat.”
There is a warning. Should Harris win, nearly half of respondents expect the market to maintain its positive momentum throughout her term. But nearly 60% of respondents think a Trump victory will continue that pace.
But the market for potential home buyers would be more favorable under Harris’ presidency, according to respondents.
“The average estimate for [a 30-year, fixed loan] According to survey participants, the percentage would be 5.5% at the end of a Harris term, and 5.9% under Trump,” the story explained.
According to data on HousingWireAccording to the Mortgage Rate Center on Wednesday, the 30-year conforming rate is 6.75%, hitting the highest level since August.
“Many potential buyers have remained on the sidelines in recent years, waiting for a drop in financing costs,” Bloomberg said in the survey results. “Sellers with mortgages at 3% or lower, meanwhile, have been reluctant to move and take on more expensive debt,” describing the lock-in effect of mortgage rates.
Harris and Trump make their closing statements in the final days of the election cycle. The past few days have been marred by controversy over Trump’s campaign unusual decline to comments about Puerto Rico at a recent meeting in New York City, while Harris has distanced himself from President Joe Biden’s comments about Trump supporters.
