Americans are feeling the pain of President Biden's sagging economy in every direction.
Due to the economic downturn under Biden's leadership, mortgage rates are now at 6.7%, more than double this time last year.
"According to data from Freddie Mac, the 30-year fixed mortgage rate jumped by 0.41 percent from a week ago," reports Breitbart.
Biden Keeps Making Things Worse
Just one year ago, the rate was at 3.01 percent.
Mortgage rates are at the highest they have been since July 2007, when the 2008 mortgage crisis was in its early stages.
Economics Editor John Carney of Breitbart explains:
"The Federal Reserve does not directly control mortgage rates. Instead, it targets the overnight lending rate for banks and pays interest on overnight reserve levels. Longer-term interest rates reflect the expected path of short-term rates over time. Mortgage rates, in turn, tend to reflect the direction of long-term rates, especially the yield on 10-year Treasury bonds."
According to Bankrate.com, "if an individual were to purchase a $500,000 home with a 20 percent downpayment today, they would expect to pay approximately $259,000 in interest over 30 years. However, if they purchased a home for the same price and down payment when President Joe Biden was inaugurated in January 2021, they would only be paying $189,400 in interest over 30 years."
The skyrocketing rate will slow the market down because existing homeowners will not sell their homes if repurchasing would tie them to a higher rate.
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