HousingWireHousingWire
Vice President Kamala Harris is the favored presidential candidate when it comes to addressing the lack of affordability in U.S. housing, while former President Donald Trump is seen as more favorable for stock market and cryptocurrency investors. This is according to the results of a recent survey conducted by Bloomberg.
Less than a week from Election Day, the presidential race remains too close to call. But if the economy continues to be the “north star” for voters, drilling down into economic sentiments shows some nuance in their perspectives.
“The stock market, up about 22% so far in 2024, is more likely to pick up steam under Trump than Harris,” Bloomberg said. “Some 38% of 350 Bloomberg Markets Live Pulse survey respondents see gains accelerating a year from now under the Republican candidate, versus 13% under the Democrat.”
There’s a caveat. Should Harris be victorious, nearly half of the respondents expect the market to maintain its positive momentum into her term. But nearly 60% of respondents think a Trump victory will also continue that pace.
But the market for potential homebuyers would be more beneficial under a Harris presidency, according to respondents.
“The median estimate for [a 30-year, fixed loan] rate at the end of a Harris term would be 5.5%, according to survey participants, and 5.9% under Trump,” the story explained.
According to data at HousingWire’s Mortgage Rates Center on Wednesday, the 30-year conforming rate stands at 6.75%, entering its highest territory since August.
“Many potential buyers have been stranded on the sidelines in recent years waiting for borrowing costs to come down,” Bloomberg said in its survey results. “Sellers with mortgages at 3% or below, meanwhile, have been reluctant to move and take on more expensive debt,” describing the mortgage rate lock-in effect.
Harris and Trump are making their closing statements in the final days of the election cycle. The past few days have been marred by controversies, with the Trump campaign uncharacteristically backtracking on comments about Puerto Rico made at a recent New York City rally, while Harris has distanced herself from comments made by President Joe Biden about Trump supporters.
