With election day a little over a month away, some Americans said they would delay home buying until it passes.
According to a MortgageMarvel.com survey, 25 percent of Americans will delay home purchases until after the election because they want to know who the president will be before investing in a home. On the contrary, 53 percent said the election would have no effect on the timing of their decision to buy.
"It's understandable that a considerable number of people say the upcoming election would give them pause for thought," said Rick Allen, CEO of Mortgage Marvel. "There has been speculation that tax policies could change depending upon who wins. Some have even indicated that the longstanding deduction for mortgage interest could be eliminated."
With mortgage rates returning to record lows in recent weeks, many Americans may have been tempted to jump in the market. However, the Federal Reserve's announcement of a third round of quantitative easing ensures interest rates could stay low until 2015, so potential buyers won't miss out on low rates by delaying their purchase until after the election.