Mortgage rates drop to seven point three two percent as midterm elections approach

Freddie Mac reported that the average 30-year fixed-rate mortgage fell eight basis points to 7.32 percent today, as reported by MPA Magazine. The drop provides a brief moment of relief for the housing market as voters prepare to go to the polls in less than two weeks for the midterm elections. [1]

The upcoming midterm elections will decide all 435 seats in the House of Representatives alongside one third of the Senate, according to MPA Magazine. While many real estate industry participants hope market volatility will settle after the election, veteran lender Glen Weinberg of Fairview expects a split Congress, gridlock, and interest rates remaining stuck between 7 percent and 8 percent. [1]

Although control of Congress frequently shifts during midterm election years, Weinberg noted that a divided government is unlikely to spark a post-election turnaround for the real estate market, according to MPA Magazine. [1]