Mortgage rates continued to decline this week, easing some pressure on the tight U.S. housing market as the Federal Reserve intensifies efforts to stabilize the economy.

Freddie Mac reported Thursday that the average 30-year fixed-rate mortgage dropped to 6.09% for the week ending September 19, down from 6.20% the previous week and well below the two-decade high of 7.79% reached last fall. This marks the lowest rate since early February 2023.

The dip in mortgage rates offers a hopeful sign for potential buyers who have been waiting for housing affordability to improve.

However, a report from the National Association of Realtors (NAR) released Thursday showed a significant drop in sales of previously owned homes in August, despite the decline in mortgage rates that month. Still, with rates continuing to fall, a surge in housing demand is expected as the Federal Reserve cut interest rates this week for the first time in four years and indicated more cuts may come by year’s end.

Existing home sales, which dominate the housing market, decreased by 2.5% in August from the previous month to a seasonally adjusted annual rate of 3.86 million, according to NAR data. This represents the lowest August sales level since 2010. Meanwhile, home prices continued to rise, with the median price for an existing home increasing 3.1% to $416,700, marking the 14th consecutive year-over-year increase and setting a record for August home prices.
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As the U.S. economy hits record highs, all eyes are on the upcoming November 5th election. With inflation cooling, job growth steady, and consumer confidence soaring, Americans are optimistic—but they’re also expecting the next president to maintain this momentum without risking financial stability.

🇺🇸 Election Stakes: Harris vs. Trump

S&P 500: Up over 50% since Biden took office, including a 24% climb this year alone.

Public Concerns: A recent poll shows 44% of Americans believe an economic collapse is at least somewhat likely, so voters are watching closely.

Harris’s Economic Vision 🌐

Corporate Taxes & Price Controls: Harris aims to raise corporate taxes, cap price hikes on essentials, and offer subsidies for housing and childcare.

Criticism: Some economists argue her policies could increase hidden costs, and corporate tax hikes could stifle growth, yet Harris is focused on benefits for the middle class.

Trump’s Economic Blueprint 🛤️

Tariffs & Tax Cuts: Trump plans to impose hefty tariffs on imports, with proposals ranging from 10% to 60%. His America-first policies also include deep corporate tax cuts and stricter immigration.

The Real Cost: Trump’s tariffs could add up to $7,600 in annual expenses for U.S. households, impacting consumers and risking job losses if a global trade war erupts.

The Dollar’s Reaction 💵

Strong Dollar Surge: October saw the dollar index jump 3.2%, bolstered by economic resilience and speculation about a Trump victory.

Market Jitters: If Trump wins, inflation concerns could delay Federal Reserve rate cuts, while Harris’s win might bring a minor dollar dip rather than a crash.

With the polls neck-and-neck, the stakes couldn’t be higher. Both Harris and Trump offer drastically different economic agendas, leaving Americans with a tough choice that impacts not only the U.S. but also the global economy. This election is about more than just policy—it’s about the future of economic stability, trade, and growth.