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Reading: Mortgage rates could remain high after Trump win — here’s why
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African News Herald > Blog > Business > Mortgage rates could remain high after Trump win — here’s why
Business

Mortgage rates could remain high after Trump win — here’s why

ANH Team
Last updated: November 9, 2024 6:08 am
ANH Team
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Mortgage rates are expected to remain high despite recent interest rate cuts by the Federal Reserve and promises from President-elect Donald Trump to provide relief to homebuyers. Following Trump’s victory, 30-year fixed mortgage rates briefly spiked before settling at 6.98%, according to Mortgage News Daily. Despite the Fed’s efforts to lower interest rates, mortgage rates have remained stubbornly high due to the direct correlation with 10-year treasury bond yields.

The US 10 Year Treasury saw a significant increase to 4.475% after Trump’s win, closing at 4.302% on Friday. This surge in treasury yields is driven by reports of strong economic growth, which can lead to inflation. If Republicans gain control of the House, Trump may face fewer obstacles in implementing his economic proposals, potentially driving bond yields even higher.

Experts believe that Trump’s proposed tax cuts, infrastructure spending, and import tariffs could create a pro-business environment that may spark inflation. The recent market responses to Trump’s win, such as the Dow soaring over 1,000 points and Bitcoin reaching an all-time high, indicate the potential impact of his policies on the economy.

While Trump’s policies may not directly impact mortgage rates, there is concern about the potential for increased inflation under his administration. If inflation continues to rise, mortgage rates are unlikely to drop as quickly as hoped. Recent reports have shown signs of cooling inflation, but mass deportations and limited labor pools could lead to higher housing costs and indirectly affect mortgage rates.

Trump’s spending plans are projected to add $7.5 trillion to the budget deficit, which could put pressure on the bond markets. However, experts believe there is still time for mortgage rates to cool down, with rate cuts typically taking 90 days to impact mortgage rates.

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Despite the current high mortgage rates, some experts remain optimistic that rates will eventually decrease. They anticipate a calming of the markets and a descent in mortgage rates as traders adjust their positions based on the election results. With the new year approaching, there is hope for lower mortgage rates as the new president-elect prepares to take office. The world of technology is constantly evolving, with new advancements and innovations being introduced every day. One of the most exciting areas of technological development is artificial intelligence, or AI. AI has the potential to revolutionize the way we live and work, with applications in a wide range of industries including healthcare, finance, and transportation.

One of the key areas where AI is making a significant impact is in the field of healthcare. AI-powered tools and technologies are being used to improve patient care, diagnosis, and treatment. For example, AI algorithms can analyze medical imaging scans such as X-rays and MRIs to detect and diagnose conditions such as cancer, heart disease, and neurological disorders more accurately and quickly than human doctors.

AI is also being used to develop personalized treatment plans for patients based on their individual genetic makeup and medical history. This can lead to more effective and targeted treatments, reducing the risk of adverse reactions and improving patient outcomes.

In addition to diagnosis and treatment, AI is also being used to improve healthcare operations and administration. AI-powered systems can help hospitals and healthcare facilities optimize their workflows, improve patient scheduling, and reduce administrative costs. This can lead to more efficient and cost-effective healthcare delivery, ultimately benefiting patients and healthcare providers alike.

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Outside of healthcare, AI is also being used to revolutionize the finance industry. AI-powered algorithms can analyze large amounts of financial data in real-time to detect patterns, trends, and anomalies that human analysts may not be able to identify. This can help financial institutions make more informed investment decisions, reduce risks, and improve overall financial performance.

AI is also being used to develop more personalized and responsive customer service experiences in the finance industry. Chatbots powered by AI can interact with customers in real-time, answering questions, providing support, and offering personalized product recommendations. This can lead to improved customer satisfaction and loyalty, as well as increased efficiency for financial institutions.

In the transportation industry, AI is being used to develop autonomous vehicles that can drive themselves without human intervention. These vehicles are equipped with AI-powered sensors and cameras that can detect and respond to their surroundings in real-time, allowing them to navigate roads safely and efficiently. Autonomous vehicles have the potential to reduce traffic congestion, improve road safety, and reduce emissions, leading to a more sustainable and efficient transportation system.

Overall, the impact of AI on various industries is undeniable. From healthcare to finance to transportation, AI is revolutionizing the way we live and work, with the potential to improve efficiency, accuracy, and overall quality of life. As AI continues to advance and evolve, we can expect to see even more exciting developments in the future.

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