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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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Following Donald Trump's election, mortgage rates have surged to 6.79%, raising concerns for homebuyers. Analysts predict that Trump's proposed economic policies could lead to higher inflation and interest rates, complicating the housing market for first-time buyers and current homeowners alike.
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As the election approaches, Vice President Kamala Harris and former President Donald Trump outline contrasting housing policies. Harris aims to build 3 million homes and provide down-payment assistance, while Trump focuses on reducing regulations and immigration impacts on housing. Both face challenges amid a national housing shortage.
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As of November 2024, the US housing market is experiencing record low participation from first-time homebuyers, rising median ages, and fluctuating mortgage rates. The market is also seeing an increase in cash purchases and changing inventory levels, while the UK market reflects similar trends with heightened sales activity.