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Rates on 15-year mortgages arent much better.
But the upcoming presidential election could make it even harder to buy a house in some areas.
Also here are predictions for the housing market if Biden wins again.
This, in turn, could lead to higher interest rates over time.
Mortgage interest rates are a key factor in housing affordability.
The higher the rates, the higher the monthly mortgage payment will be.
This could dampen housing demand as the cost of borrowing money becomes increasingly less affordable, Shirshikov said.
On the other hand, it could also slow the pace of home price increases.
It depends heavily on the existing housing market and local economic conditions.
This includes cities within the states of California, Florida and certain Northeast coastal regions.
Certain swing states like Arizona, North Carolina and Wisconsin could also experiencemore rapid growthand higher prices.
The same goes for non-coastal, high-cost urban areas, Shirshikov said.
Regardless of which presidential candidate wins the election, there are going to be some major changes either way.
According toUrban.org, nearly 63% of American homeowners have a mortgage.
Just remember, there are no guarantees of what will happen once the upcoming presidential election concludes.
So, do your due diligence before making any major financial decisions.
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