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As Donald Trump embarks on his second term and Republicans maintain control of Congress, mortgage professionals face a pivotal moment. Interest rates, a cornerstone of the housing market, are projected to remain elevated in the near term, creating both challenges and opportunities for strategic advisors.

As the 2024 presidential election looms, mortgage professionals are on high alert for potential changes that could shake up the industry. From shifts in regulatory landscapes to fluctuations in interest rates and borrower behavior, election outcomes often bring economic and policy adjustments that affect how—and to whom—loans are extended. This election season, being prepared means understanding possible impacts and staying resilient amid uncertainties. Here’s a look at what mortgage professionals should keep an eye on to navigate a potentially volatile market and support their clients through whatever the future may hold.

Part of the job of an MLO is to educate potential borrowers about mortgages. Many borrowers are new to mortgage financing and lack knowledge about what impacts their ability to obtain a mortgage. A key area where a lack of knowledge can greatly impact their ability to obtain a mortgage is credit scores. Even though the credit scores have been around for decades, a lack of understanding can negatively impact a person’s ability to borrow. This blog is a short explanation of how credit scores are determined and information you can share with your prospective borrowers.

The potential reform of Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac is one of the most critical discussions in the mortgage industry today. Since their placement into conservatorship in 2008, both Fannie Mae and Freddie Mac have played a central role in the U.S. housing finance system.

As we navigate through 2024, the U.S. housing market remains under significant pressure due to persistently high mortgage interest rates. The average 30-year fixed-rate mortgage has fluctuated between 6.5% and 7%, a level that has stymied many prospective homebuyers, particularly first-time buyers who are more sensitive to borrowing costs. To understand the conditions necessary for the market to improve, it's essential to delve into the factors influencing mortgage rates, the economic outlook, and the potential impact of lower rates on home buying activity.

As we move into the latter part of 2024, the mortgage interest rate market remains a critical focus for homebuyers, real estate investors, and financial analysts. The Federal Reserve's monetary policy decisions, economic indicators, and global events continue to shape the financial landscape, making the prediction of mortgage rates both complex and crucial. This analysis delves into the factors influencing mortgage rates and offers a forecast for the remainder of 2024 and into 2025.

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