Home mortgages have dropped to their lowest level in 20 years!
The Biden economy is moving in the direction that it could only go and that is down. The Daily Mail reports that mortgages are now at a 20-year low.
A key measure of mortgage loan application volume has fallen to its lowest level in 22 years, as higher interest rates deter homebuyers in a sign that the red-hot housing market could soon be cooling off.
Applications for a mortgage to purchase a home fell 7 percent last week and were 21 percent lower than the same week one year ago, Mortgage Bankers Association data showed on Wednesday.
In a bid to battle soaring inflation, the Federal Reserve has been raising interest rates at a rapid pace, and the rate-sensitive housing market was quickly impacted, with mortgage rates touching their highest level in a decade last month.
We knew the housing market would be devastated by Biden/Obama’s mortgage-killing economic actions. Inflation is at all-time highs in some categories and the only way to address this is to raise interest rates. But the problem with raising rates is that Americans won’t be able to afford a new house. Now, this is precisely what is happening.
This doesn’t look good for new homeowners – the highest prices on homes ever mixed with raising interest rates. Wait till those adjustable rates start moving up.
The post BIDEN ECONOMY: Home Mortgage Applications Drop to Lowest Level in 22 Years appeared first on The Gateway Pundit.