Biden Breaks Terrible Record

How will people live?

Thanks to Joe Biden’s presidency, the average interest rate for the most common home loan in America has hit an astounding decade high.

According to Fox, 30-year fixed-rate mortgages now sits at a very high 5%. This is up from the 4.72% last week, and even higher from the 3.04% last year.

Freddie Mac’s chief economist Sam Khater explained, “This week, mortgage rates averaged five percent for the first time in over a decade. As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation.“

What’s worse is 15-year fixed-rate mortgage loans reached 4.17% when compared to last year was just 2.35% last year.

Sadly, top economists strongly believe this numbers will continue to get worse throughout the year.