The housing market is likely to come "roaring back" after the election, a real estate expert shared on Friday, but another expert told Newsweek the excitement may be premature. Ryan Serhant, a real estate broker known on Million Dollar Listing, said buyers and sellers should expect the housing market changes after the election.

According to a new survey, the average 30-year fixed-mortgage rate of 6.62% is still well above the ‘magic’ number that might spur resale turnover. Want more housing market stories from Lance Lambert’s ResiClub in your inbox?

The Fed cut interest rates for the first time in four years last month, and most experts predict two more cuts by the end of 2024. Fannie Mae predicts the average mortgage rate will dip to 5.7% by the end of 2025,