Mtg Rates Rise to 16 Yr Highs – Annual Home Sales Slump 39%
Oct 12, 2022 17:27:58 GMT -5
Post by schwartzie on Oct 12, 2022 17:27:58 GMT -5
BIDEN ECONOMY: Mortgage Rates Rise to 16 Year Highs – Annual Home Sales Slump by 39%
By Joe Hoft
Published October 12, 2022 at 3:45pm
The housing market is Biden’s next target in his war against the American economy.
The Daily Mail reported on the increase in rates and decline in home sales.
The average interest rate on US home loans has hit its highest level since 2006, as the Federal Reserve‘s rate hikes to fight inflation continue to raise borrowing costs for homebuyers.
The average rate on a 30-year fixed rate mortgage hit 6.81 percent for the week ending October 7, the eighth straight weekly increase, the Mortgage Bankers Association (MBA) said on Wednesday.
Higher borrowing costs have sent home sales volume plunging. The MBA’s Purchase Index, which measures new mortgages to buy a home, dropped 2 percent from the prior week and 39 percent from a year ago.
As noted previously, look at how the Fed Funds rates were only increased during Republican President’s administrations by the FED until now. These are the first real rate increases under a Democrat since the minor increase under Obama in 2015 after seven years of zero rates.
The FED has to raise rates now because the Biden gang spent so much money and the US Debt is ballooning daily. This is causing 40-year high inflation.
The Biden economy is a mess and getting worse.
link
By Joe Hoft
Published October 12, 2022 at 3:45pm
The housing market is Biden’s next target in his war against the American economy.
The Daily Mail reported on the increase in rates and decline in home sales.
The average interest rate on US home loans has hit its highest level since 2006, as the Federal Reserve‘s rate hikes to fight inflation continue to raise borrowing costs for homebuyers.
The average rate on a 30-year fixed rate mortgage hit 6.81 percent for the week ending October 7, the eighth straight weekly increase, the Mortgage Bankers Association (MBA) said on Wednesday.
Higher borrowing costs have sent home sales volume plunging. The MBA’s Purchase Index, which measures new mortgages to buy a home, dropped 2 percent from the prior week and 39 percent from a year ago.
As noted previously, look at how the Fed Funds rates were only increased during Republican President’s administrations by the FED until now. These are the first real rate increases under a Democrat since the minor increase under Obama in 2015 after seven years of zero rates.
The FED has to raise rates now because the Biden gang spent so much money and the US Debt is ballooning daily. This is causing 40-year high inflation.
The Biden economy is a mess and getting worse.
link
