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Midterm Election Results Will Affect the Housing Market in More Ways Than One

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Government + Policy

Midterm Election Results Will Affect the Housing Market in More Ways Than One

The polls are closed and the ballots are being counted. Here's how voters' decisions will impact the housing market over the next two years...

November 9, 2022
Voter placing ballot into box at voting location
Image: Stock.adobe.com

The Nov. 8 midterm elections determine which party controls the House and the Senate for the next two years, and the results could have major implications for the housing market at a pivotal point in its post-pandemic slowdown. If Republicans gain control of the House, a first-time buyer tax credit that would give first-time homebuyers up to $15,000 in refundable federal tax credits could be squashed, and a GOP House could also impact funding for rehab housing.

Regardless of the midterm results, prospective mortgage borrowers can expect lower FHFA premiums, but those loans come with a mortgage insurance premium, which is an additional payment that homeowners will make to secure the loan, according to MarketWatch.

FHA borrowers currently pay 0.80% per year in annual premiums, according to the agency’s website, for loans less or equal to $625,000 and a downpayment of 5% or more.

If the mortgage insurance premium rate is cut, that could save a homeowner thousands of dollars in one year if they’re purchasing a new home or refinancing.

For a $150,000 home, the premium is $1,200 a year (or $100 per month).

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