Skip to main content

Early Voters Flag U.S. Economy As Top Issue

Associate Editor
Nov 04, 2024

More Americans think mortgage rates will fall if Trump wins

The economy and inflation were top issues for Americans who cast their vote for presidential front runners Donald Trump and Kamala Harris early this year. 

A new report based on a Redfin-commissioned survey of 1,002 adults who voted as of Nov. 1 indicated that just under two in five (38%) people say housing affordability impacted their presidential pick. 

Harris voters were more likely (43%) than Trump voters (29%) to say housing affordability factored into their decision.

Respondents were asked to consider 14 different issues that factored into their vote. The leading concern for early voters was the economy (63%), followed by inflation (59%), and protecting democracy (56%). Next came immigration (55%), healthcare (52%), crime and safety (47%), access to abortion (45%), U.S. involvement in foreign wars (41%), freedom of speech (41%), gun violence (40%) and the United States’ standing in the world (38%). 

The only issues less likely to impact early voters’ presidential pick than housing affordability were climate change (36%) and access to gender affirming care (19%). 

Home prices in traditionally blue parts of the country are typically higher than in red areas, analysts with Redfin noted in their report. 

Nearly one-third (32%) of respondents share the belief that mortgage rates will fall if Trump is elected president, while less than one-quarter (23%) think rates will fall if Harris is elected. On the other hand, 32% think rates will rise if Harris wins, while 28% think rates will rise if Trump wins. 

About a quarter of respondents say they don’t know what will happen with mortgage rates if Trump wins, and roughly the same share don’t know what will happen with rates if Harris wins.

“Mortgage rates are primarily influenced by economic conditions and the Federal Reserve, which is politically independent, though Congress and the president of the United States are able to influence the long-term direction of the economy through policy changes,” analysts said. 

Election Day is Tuesday, and the Fed’s next interest rate decision is expected to be announced Thursday.

About the author
Associate Editor
Erica Drzewiecki is an associate editor at NMP.
Published
Nov 04, 2024
Bank On Borrowers, Not Rate Predictions

Chasing rate forecasts wastes resources better spent on cold, hard business

Dec 10, 2024
Rocket Mortgage Sues HUD Over Regulatory, Enforcement Discrepancies

Rocket seeks dismissal of the DOJ's October lawsuit alleging the lender committed racial appraisal bias.

Dec 05, 2024
West Capital Lending Acquires Locally-Focused Brokerage, Red Tree Mortgage

The 2024 Broker Brawl reaffirmed West Capital's commitment as a relationship-focused lender

Dec 03, 2024
First FICO 10T-Backed MBS Issuance Achieved

Comprised of VA loans, the pool offers proof of concept for changes to be required by the FHFA by late 2025.

Dec 03, 2024
BAC Co-Founder Reveals Mega Brokers May Undergo CFPB Audits

Brendan McKay of BAC revealed the main takeaways in a LinkedIn post

Dec 02, 2024
AnnieMac Data Breach Impacts 171,000 Customers

Letters detailing the Aug. 23 breach were mailed to thousands of affected customers across multiple states last week.

Nov 18, 2024