Elections (either pending or completed) usually do not move interest rates, or at least in the way people might expect. Rates historically move either up or down prior to Presidential elections (they do not always go down, as many think).
And last night’s Republican victories did not affect the market significantly either.
One hopeful outcome that might come out of last night’s elections is a rolling back of CFPB powers. This is a good thing for the mortgage industry b/c a huge portion of the paperwork we all endure is really just an effort to keep the CFPB and other regulators at bay, with no tangible benefits to anyone.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
