Mortgage Rates Set To Rise as Donald Trump Clinches Election Win By Keith GriffithTop 10 Most Livable Cities in America—Where Costs Are Low and Incomes Are Growingfrom the key swing states
Trump added that he will “not rest until we have delivered a strong, safe, and prosperous America that you deserve and that your children deserve.”The election unfolded against the backdrop of a housing crisis, with half of renters nationwide designated as cost-burdened, and record-high home prices pushing homeownership out of reach for many.
“In the short run, reducing immigration could severely hurt the labor supply needed for new homebuilding since up to a third of residential construction employment consists of foreign-born workers,” he says. “We will eliminate regulations that drive up housing costs with the goal of cutting the cost of a new home in half. We think we can do that. The regulations alone cost 30%. Regulation costs 30% of a new home,” Trump claimed in a September speech at the Economic Club of New York.
Economists also generally support the idea as one way to boost new home construction. However, one limitation of the plan is that in many cases, there is no significant federal land located near the places where people want to work and live. But even the Fed does not directly control mortgage rates, which follow the underlying bond market and move in response to investor expectations about the economy, inflation, and future fiscal and monetary policy.